European GAS Storage

Natural gas traders are watching whether October futures can hold the 50-day moving average after a reversal from above $3.00. Strong LNG feedgas demand and Europe’s storage deficit support pullbacks, but rising Lower-48 production and expanding rig activity remain a ceiling over rallies.

Natural gas futures found support from short covering as Texas and the Plains kept cooling demand alive. The broader setup remains pressured by strong production, cooler conditions across key regions and storage levels that continue to reassure sellers.

Natural gas futures are holding near key technical support as traders await the latest EIA inventory reading. Strong production, soft consumption and elevated inventories continue to favor sellers, though European LNG demand remains a potential bullish wildcard.