In September 2023, the natural gas price was up by 19.7% m/m, - according to the document published by Galt&Taggart.
As of the report, despite the monthly gain, the price stumbled by -10.6% w/w by end-of-month as traders considered the possibility of lower demand due to milder European weather in October, but overall remained cautious about the risk of supply disruptions.
Gas in Europe is being pumped into the storage tanks, which are now circa 95% full as S&P Global expects gas and power demand to be higher in 4Q23 and prices to remain sensitive to volatile supply.
On the other hand, Saudi Arabia makes a strategic shift to the natural gas market – Saudi Aramco acquiring stakes in MidOcean Energy with interests in four Australian LNG projects. Other oil players are also investing heavily in gas as Wood Mackenzie expects the demand of LNG to rise by 70% through 2050.
