Oil prices are struggling today but natural gas is suddenly very strong. After a sag earlier, natural gas prices have moved 11% higher in a straight line.
Natural gas 10 min chart
I can't find any news behind the move. Earlier the week, natural gas was soft on forecasts for cooler temperatures late in August but so perhaps there's a new forecast circulating. I haven't seen one.
Freeport LNG is scheduled to return in October and that should go back to sucking up 2 bcf/day but that's nothing new. Russia is certainly continuing to cut off European gas and that's an enormous long-term tailwind for natural gas but there's magic wand to create LNG export facilities quickly.
