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 yea

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.