Gas Prices Higher Over October

European LNG rallied early in the session to a high of EUR 54.30 but then prices fell through the rest of trading to be down 1.8% on Monday but still 18.5% higher in October. It closed below EUR 50 at EUR 49.60.

• North Asian prices were little changed but are 22.4% higher this month as the northern hemisphere winter approaches. China is looking to increase imports to achieve its energy security goals, according to Bloomberg.
• The November US gas contract rose 7.8% in October to the end of last week. The December contract fell 4.6% on Monday. Estimated flows to LNG export facilities fell 1.6% in the latest week, according to BNEF.
• Egypt has said that its gas imports have ceased which will impact shipments of LNG to Europe but that is unlikely to be a problem as storage in Europe is close to capacity. Der Spiegel reported that German Chancellor Scholz is looking for increased imports of gas from Nigeria.
• A majority of workers at Chevron’s Wheatstone and Gorgon facilities in Western Australia voted for the enterprise agreement recently settled between the company and unions.