U.S. Natural Gas Futures Steady After Big Gains

1006 ET – U.S. natural gas futures are flitting between small gains and losses with the market taking a breather after two days of solid rises widely attributed to speculator positioning. Some additional cold weather seen into mid-March, and buoyant LNG export flows are supporting prices, along with the likelihood of inventories ending the withdrawal season well below the year-ago level and five-year average. The Nymex front month is up 0.4% at $4.366/mmBtu. (anthony.harrup@wsj.com)

European Gas Price Falls After EU Proposal on Storage Targets

1416 GMT – Europe’s natural-gas prices fall more than 3% in afternoon trade after the European Commission proposed to introduce a greater degree of flexibility for filling gas storage this year. The EU’s executive arm aims to extend a requirement to fill storage caverns by at least 90% by Nov. 1 for two years, but said the overall framework to meet this target must be flexible and that interim targets are “indicative.” The benchmark Dutch TTF contract is down to 42.16 euros a megawatt hour. “The pullback today is related to investment funds yet again cutting their long-positions to the lowest level since late-July as well as the more flexibility added to the interim storage targets,” Rabobank’s energy strategist Florence Schmit says. “The EU delaying proposals to the Russian gas phase out roadmap has also added to this sentiment.” (giulia.petroni@wsj.com)