European gas futures rise as storm threatens U.S. production

European natural gas futures rose toward €41 per megawatt-hour following a 4% increase on Monday, as traders kept an eye on a late-season tropical storm that could impact U.S. production.

European gas futures rise as storm threatens U.S. production

Storm Rafael is developing in the Caribbean and moving toward the Gulf of Mexico, prompting some platform evacuations. While it is expected to weaken near Louisiana, it could avoid significant export facilities. Increased gas demand is driven by limited renewable energy output, but mild temperatures suppress heating demand, helping to balance the market.

EU gas storage at 95% amid geopolitical tensions and supply concerns

European gas storage is at 95% capacity, ensuring steady supply; however, ongoing tensions in the Middle East, uncertainties regarding Russian transit through Ukraine, and production challenges in Norway and the U.S. keep traders on edge.