European natural gas futures climbed to around €33/MWh, the highest since early October, as colder weather forecasts intensified concerns over supply and storage. Temperatures are expected to fall again through the end of the month, lifting heating demand and accelerating withdrawals from already depleted storage sites. EU gas inventories are about 52.5% full, well below the 65% level seen a year earlier, leaving the market more sensitive to weather shocks. On top of that, LNG export flows from the US, the world’s largest exporter, slipped to a two-month low after outages at key terminals in Texas. At the same time, geopolitical tensions linked to unrest in Iran continue to pose a risk to global LNG trade, even as fears of immediate US intervention have eased. Adding to competition for cargoes, parts of Asia are facing an incoming cold wave, which could push regional heating demand higher and tighten the global LNG market further.
