Changes in the US election political landscape are compounded by multiple rounds of mediation efforts. Market expectations for a quick end to the Middle East war are heating up, and European gas benchmark futures are expected to record the biggest weekly decline in more than a year. Benchmark futures weakened again after rebounding on the previous trading day, with a cumulative decline of about 15% this week. The Democratic Party won both houses of Congress in the US midterm elections, and the market expects the US-Iran conflict to usher in a turning point; Qatari Emir Tamim met with Trump to discuss diplomatic solutions to ease regional tension. Although peace negotiations have yet to achieve substantial results, market expectations for the end of the war and the restoration of energy circulation continue to heat up. The conflict has cut off nearly one-fifth of the world's LNG supply originally exported through the Strait of Hormuz, which means that only when energy circulation in the Middle East resumes, will there be significant room for gas prices to decline. Ole Slott Hanson, a product strategist at Saxo Bank, said, “There has been no substantial progress in the peace talks in the past week, but the market has been playing ahead of schedule for possible subsequent changes, which has also caused sharp price fluctuations.”

Changes in the US election political landscape are compounded by multiple rounds of mediation efforts. Market expectations for a quick end to the Middle East war are heating up, and European gas benchmark futures are expected to record the biggest weekly decline in more than a year. Benchmark futures weakened again after rebounding on the previous trading day, with a cumulative decline of about 15% this week. The Democratic Party won both houses of Congress in the US midterm elections, and the market expects the US-Iran conflict to usher in a turning point; Qatari Emir Tamim met with Trump to discuss diplomatic solutions to ease regional tension. Although peace negotiations have yet to achieve substantial results, market expectations for the end of the war and the restoration of energy circulation continue to heat up. The conflict has cut off nearly one-fifth of the world's LNG supply originally exported through the Strait of Hormuz, which means that only when energy circulation in the Middle East resumes, will there be significant room for gas prices to decline. Ole Slott Hanson, a product strategist at Saxo Bank, said, “There has been no substantial progress in the peace talks in the past week, but the market has been playing ahead of schedule for possible subsequent changes, which has also caused sharp price fluctuations.”