Tim Beggans, President of Elk Trading Company, reviews the latest Goldman Sachs Exchanges discussion with Samantha Dart (Co-Head of Global Commodities Research) on the European natural gas crisis, Qatari LNG disruptions, and what it means for the U.S. market heading into winter. Key topics covered: Seasonality of natural gas demand and why winter is the critical deadline Current U.S. storage and production strength vs. Europe’s inventory shortfall Damage to Qatari LNG trains

The Week’s Main Drivers: The U.S. natural gas market continues to balance record supply against weather-driven demand and rising LNG exports. • EIA Storage: +16 Bcf injection vs. +19 Bcf last year and the 5-year average of +29 Bcf — a notably bullish storage print. • LNG flows: Spot cargoes are increasingly tracking toward Europe as regional supply risks persist. Norway’s Ormen Lange outage has been extended to February 1, 2027, removing an important source of European supply

Source: Gassco Europe’s natural gas market is entering winter with little room for error. Storage remains below last year’s levels, LNG competition is intensifying, and another Norwegian supply disruption is making the margin even thinner. Ormen Lange: Another Hole in the Boat Norway’s Ormen Lange field has become an increasingly important concern. One of its two subsea compressor stations is out of service following a technical failure, cutting production by approximately 8.

Timestamps: 00:00 - Introduction to Europe's energy crisis and US natural gas. 01:00 - Current state of US natural gas prices and global demand. 02:21 - US storage levels and LNG maintenance updates. 03:08 - Global supply constraints: Qatar and the Strait of Hormuz. 03:41 - Europe’s storage challenges heading into winter. 04:00 - Impact of Super El Niño and polar vortex on demand. 04:58 - The massive price spread: US vs. European natural gas. 06:07 - Projected increase in US

Timestamps 00:00 - September Contract & Storage Day Expectations 00:56 - Hourly Chart: Daily Pivot & Support Levels 01:21 - Front-to-Back Spreads: Jan vs. Oct Profit Taking 01:54 - US Temperature Outlook: 6-10 & 8-14 Day Forecasts 02:16 - ERCOT Grid Demand & Renewable Fuel Mix 03:06 - Power Market Volatility: PJM & MISO Updates 03:34 - National Heat Risk Map & Weekend Outlook 04:19 - Regional Temperature Models (Southwest to Northeast) 04:48 - Europe Weather Update: Fall Temp

Timestamps 00:00 - September Contract Update & Technical Analysis 00:52 - Hourly Chart & Storage Estimates 01:35 - Front-to-Back Spreads & Storage Pulls 02:01 - US Weather Outlook: 8-14 Day Forecast 03:06 - ERCOT Demand & Renewable Energy Mix 04:03 - National Grid Activity & Heat Risk Maps 04:43 - Regional Temperature Models (Texas & Northeast) 05:20 - Europe Update: Weather & Production Relief 05:57 - Norway Production & TTF Storage Levels 06:50 - Ormen Lange Facility Issues

Timestamps 00:00 – Market Overview: September Spot Contract & RSI Analysis 00:44 – Storage Expectations: Bullish Forecast vs. 5-Year Average 01:00 – Hourly Chart Analysis & Support Levels 01:26 – Gulf Coast Storage: Front-to-Back Spreads (Jan vs. Oct) 01:50 – 6-14 Day Weather Outlook: Regional Temperature Trends 02:24 – ERCOT Grid Demand & Fuel Mix Analysis 03:11 – National Grid Volatility & Power Price Pain Points 03:44 – Heat Risk Map: Extreme Conditions in the South 05:14

Top News for Natural Gas: 1.) US - Weather models moderate extreme heat 2.) Iran war nears six-month mark 3.) Asia turns to the US for LNG cargoes 4.) US - NG production reaches new high on Permian takeaway Timestamps 00:00 – Top Natural Gas News: Weather, Geopolitics, and Global Demand 00:49 – Market Analysis: September Spot Contract & RSI Trends 01:29 – Technical Review: Support Levels & Production Impacts 02:20 – Spreads & Storage: Front-to-Back Analysis 02:52 – Weathe