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Stable Week But Alert To Supply Disruptions

LNG

European gas prices were little changed on Friday and over the week as a whole, despite the growing risks of a ground invasion of Gaza. Prices closed up 0.4% at EUR 51 but down from the intraday peak of EUR 51.75. They are 21.8% higher this month.

  • European gas markets will remain on edge given the escalation of the conflict with Israel’s ground offensive in Gaza. The Israeli Tamar gas field has been shut since the October 7 Hamas attack and the market is concerned re shipments through the Suez canal and from Egypt to Europe, which shipping data suggest are below levels for this time of year. A mild autumn and almost full storage have kept a lid on prices but the market remains sensitive.
  • North Asian prices were down slightly on Friday to be 2.7% lower on the week. They are still up 22.3% in October though.
  • While US LNG prices fell 1.7% on Friday, they were almost 9% higher on the week and just under 8% on the month.
Energy BulletsCommodities
Energy BulletsCommodities

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