There are only a few weeks left until the heating season begins. Traders are concerned about gas storage tank replenishment work, and European gas prices are rising. Benchmark futures had the biggest intraday increase of 2.8% on Friday, after falling along with crude oil for several previous trading days. Although diplomatic mediation between the US and Iran is still progressing, abnormally low gas storage inventories are still the core main line of the natural gas market. Germany plans to significantly expand existing tender projects and pay fees to suppliers to guarantee winter gas supply, thereby encouraging traders to fill domestic gas storage facilities. Global gas supply remains tight, and any sign of increased European procurement will support prices. European gas futures prices have more than doubled since the conflict began, hitting a high since the end of 2022 earlier this month. The ongoing conflict in the Middle East has cut off about one-fifth of the world's supply of liquefied natural gas, and there is little sign that LNG transportation in the Strait of Hormuz will resume soon.

There are only a few weeks left until the heating season begins. Traders are concerned about gas storage tank replenishment work, and European gas prices are rising. Benchmark futures had the biggest intraday increase of 2.8% on Friday, after falling along with crude oil for several previous trading days. Although diplomatic mediation between the US and Iran is still progressing, abnormally low gas storage inventories are still the core main line of the natural gas market. Germany plans to significantly expand existing tender projects and pay fees to suppliers to guarantee winter gas supply, thereby encouraging traders to fill domestic gas storage facilities. Global gas supply remains tight, and any sign of increased European procurement will support prices. European gas futures prices have more than doubled since the conflict began, hitting a high since the end of 2022 earlier this month. The ongoing conflict in the Middle East has cut off about one-fifth of the world's supply of liquefied natural gas, and there is little sign that LNG transportation in the Strait of Hormuz will resume soon.