Natural Gas news and market movers: Egypt drains the market
- Bloomberg Intelligence forecasts the Gas supply side is set to drop by 4%, or 34.5 million metric tons, in the coming weeks as Egypt bans its Gas exports to use it for its own electricity needs. This coincides with the beginning of the summer season, when the demand for electricity increases to power air conditioners.
- Dow Jones reports that BP will see a higher profit for this quarter with gas and oil prices picking up.
- Recent lower prices in European Gas markets are seeing heavy buying, pushing up prices locally and could see more chunky buying out of Asia.
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