At the morning close, main contracts on China’s commodity futures were mostly higher. SC crude oil and lithium carbonate up about 4%; apples up >3%; coking coal up nearly 3%; coke and bitumen up >2%; live hogs and p-xylene up around 2%. Rapeseed fell >4%; ethylene glycol (EG) down >1%; Soybean No.1 down nearly 1%.

Analysts warn European gas prices, crucial for industry and consumers, could rebound this winter to highs not seen since the 2022 Russia-Ukraine energy shock. Prices may need to exceed €100/MWh to draw sufficient flexible U.S. LNG cargoes away from Asia. Extreme weather and disruptions to gas shipments via the Strait of Hormuz have left European storage at historic seasonal lows.

Preliminary shipping data published Friday show five bulk-commodity vessels transited the Strait of Hormuz on Thursday, down from 17 the previous day and the 10-day average of 15. Kpler preliminary data as of 10:25 Beijing time identified two medium-range (MR) tankers and one very large gas carrier (VLGC) among the five. Counts may change as some vessels typically switch off AIS transponders while underway.