The market’s cautious optimism was further strengthened by the latest news from Bloomberg on the Eurozone’s ability to fight the energy crisis during the Asian session on Tuesday.
“The European Union is ready to meet its gas storage target two months ahead of scheduleas the bloc braces for a harsh winter as Russia limits supplies and energy prices soar across the continent,” Bloomberg said.
EU stockpiles were 79.4% full as of August 27, against the 80% target for November 1according to inventory data from Gas Infrastructure Europe.
The EU tightened its storage rules at the beginning of the year after levels last winter turned out lower than in previous years, notably at German hubs controlled by Russian exporter Gazprom PJSC, a factor that added to the sharp rises. of energy prices.
With larger reserves, European countries are somewhat better placed to face a further cut in supply when Gazprom starts unexpected maintenance on the Nord Stream gas pipeline on Wednesday.
On Monday, natural gas prices in Europe posted the biggest drop since March, after Germany said its gas reserves are being filled faster than expected.
Source: Fx Street
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