European gas benchmark futures fell for a fourth trading day, down about 18%
week-to-date, as markets priced a Democratic sweep in the US midterms that could
accelerate an end to the Middle East conflict. The war has removed nearly
one-fifth of global LNG exports from the market, leaving Europe’s winter gas
inventories unusually low and intensifying Europe–Asia competition for supplies;
both European and Asian gas prices earlier reached 2022 highs, more than double
levels at the start of the year. ING strategists said markets have placed
significant downward pressure on energy prices on rising bets a US political
shift could speed an end to the conflict with Iran, but fundamentals keep
Europe’s gas market supply-tight.
