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

Timestamps 0:00 – Market Intro & September Spot Contract Update 0:38 – Storage Expectations: Bullish vs. Bearish Trends 1:02 – Hourly Chart Analysis & Daily Pivot Support 1:37 – Weather Outlook: 6-10 Day Bullseye & Extreme Heat Risk 2:06 – Grid Performance & Fuel Mix: ERCOT, PJM, & NYISO 4:39 – European Market Focus: Extreme Heat in France & Germany 5:09 – Europe & UK Storage Challenges 5:38 – Asia Update: Typhoon Dolphin’s Impact on Cooling 6:07 – LNG Terminal Updates: Camer

Timestamps 0:00 - Market Update: September Natural Gas Futures 0:20 - Storage Expectations and RSI Analysis 1:00 - Hourly Chart: Daily Pivot and Support Levels 1:20 - April-October Strip & El Niño Storage Concerns 1:51 - ERCOT Power Grid: Renewables vs. Natural Gas Mix 2:21 - Regional Volatility: PJM, MISO, and NYISO Price Spikes 2:48 - U.S. Weather Outlook: 6-14 Day Temperature Forecasts 3:23 - Extreme Heat Risk: Regional Impact Assessments 4:31 - Global Markets: Japan/Korea

Timestamps: 00:00 - Market Overview: August Futures & RSI Analysis 00:38 - Storage Report Expectations (BCF Forecasts) 00:56 - Hourly Chart: Pivot Points & Resistance Targets 01:28 - Strip Analysis: Novi March & El Niño Concerns 01:50 - Electricity Markets: ERCOT Demand & Fuel Mix 02:36 - Power Market Pain Thresholds: PJM, MISO, & NYISO 03:12 - 8-14 Day Temperature Outlook & Heat Risk 05:30 - Global Markets: Dutch TTF & European Storage Updates 07:17 - Asia Weather Anomaly Ma

Timestamps 00:00 – Introduction and Natural Gas News Overview 00:49 – Technical Analysis: August Spot Contract & Daily Pivot 02:13 – Winter Injection Strip (Nov-Mar) Analysis 02:46 – ERCOT Fuel Mix: Wind Capacity vs. Natural Gas Demand 03:20 – U.S. Electrical Grid Performance (PJM & MISO) 03:58 – 8-14 Day Temperature Outlook & Heat Risk Maps 04:56 – European vs. GFS Weather Model Comparison 06:35 – Global LNG Updates: Qatar & Force Majeure Status 07:11 – European Market Updat

Timestamps 0:00 – Introduction & Market Snapshot (August Futures) 0:21 – Storage Expectations & Bearish Trends 0:42 – Hourly Chart Analysis & Support Levels 1:03 – Front-to-Back Spreads & Winter Strip 1:47 – ERCOT Grid Demand & Renewables Mix 2:17 – Power Price Analysis (PJM, MISO, NYISO) 2:52 – US Weather Map: Extreme Heat Index 3:36 – Heat Risk Forecast (States Impacted) 4:28 – European Market: Temperature Anomalies & Storage 5:31 – Asia Weather Outlook 5:58 – Global LNG Up

Timestamps 00:00 - Introduction & Storage Day Expectations 00:28 - July Spot Contract Analysis (RSI & Hourly Chart) 01:02 - Injection Spreads: Jan vs. Oct 01:23 - Novi through March Strip Analysis 01:43 - 8 to 14 Day Weather Outlook (U.S. Temperature) 02:12 - Global Tropical Hazard Outlook & GFS Model 03:34 - Remnants of Tropical Storm Arthur & Drought Map 04:26 - Saharan Air Layer & ERCOT Grid Load Records 04:56 - Nuclear Fleet Update: South Texas Unit 2 Outage 05:11 - PJM &