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October Gas Prices Higher But Europe Finishes Month Down On Weather

LNG

European LNG prices fell 9.7% on Tuesday for the December contract to still be 5.3% higher in October. Forecasts from Maxar that mild weather would continue over the next month and European storage almost at capacity weighed on prices. Consumer habits have also changed since Russia’s invasion of the Ukraine. Risks to supply from tensions in the Middle East seem to have diminished.

  • European LNG closed at EUR 47.90, close to the intraday low of EUR 47.26 but well off the EUR 52.50 high reached early in the session. North Asian prices fell 1.1% but were still up 21.1% in October due to stock building. US gas prices rose 7.6% due to the weather forecast predicting that next week will be colder and they finished October 8.9% higher. They have started today up 0.5%.
  • The conflict in the Middle East seems contained with Hamas offering to release more hostages in coming days and the US and Israel talking about a peacekeeping force to replace Hamas.
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