US LNG exports surge but will buyers in China turn up?
Natural gas futures showed minimal change as traders anticipated the release of the Energy Information Administration's (EIA) inventory report.
The report is expected to reveal a significant withdrawal of 165 billion cubic feet from storage for the previous week, which is more than double the five-year average draw of 71 Bcf for the same week, based on a survey conducted by The Wall Street Journal.
Despite the expected large withdrawal, the Nymex front-month natural gas price dipped slightly by 0.2%, trading at $3.373 per million British thermal units (mmBtu).
In Europe, natural gas prices saw a decline during afternoon trading sessions as the market reacted to forecasts of milder weather. The benchmark Dutch TTF contract fell by 3.3%, landing at 43.22 euros per megawatt-hour, a decrease from recent highs above 49 euros.
Additionally, data from Gas Infrastructure Europe indicated that EU gas storage levels were at 80.88% capacity as of Tuesday, which is below the five-year seasonal average of 84%.
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