US natural gas contracts are down 7%…Here are the reasons!

US natural gas futures fell 7% Wednesday, November 17, with continued increases in production and expectations of a decline in heating demand this week.Whereas, US contracts for gas for December delivery ended the trading session lower by 36.1 cents, to record at a settlement of $4.816 per million British thermal units.

After weeks of volatile trading, today’s drop is the biggest one-day loss in percentage terms since the 9th of November.

Rising natural gas prices in Asia and Europe

Gas contracts in Asia hit record highs, and a 27% jump in European prices over the past three days on concern that Russian gas giant Gazprom will not provide Europe with enough fuel this winter.

The main reason for this is after the German Energy Regulatory Authority suspended the approval process for the Nord Stream 2 pipeline, which will carry gas from Russia to Germany.

The German authority said it would not continue its approval process until Nord Stream 2, which is registered in Switzerland, transfers its main assets and staffing budget to its German subsidiary.”The Nord Stream 2 operating certificate will only be considered once the operator is organized into a legal form compatible with German law,” the regulator added.

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