Natural gas prices in Europe wobbled as traders weighed the recent surge in seaborne supplies against concerns about the Middle East conflict and its potential impact on markets.
Benchmark futures swung between gains and losses after closing down 1.4% the previous day. Flows from liquefied natural gas (LNG) import terminals in northwest Europe rose to their highest since April earlier this week, data compiled by Bloomberg showed.
While volumes could ease again briefly as unexpectedly warm weather seasonally eases demand for the gas for heating this week, recent price gains have been luring more cargoes to the continent, with several LNG ships diverted from Asia since early October.
Some weather forecasts are pointing to a cooler start to November, which could boost demand for LNG and support prices. Gas storage sites in Europe are 95% full - above seasonal averages - but that level is slightly below what stocks were at the same time last year, and some countries have seen a small net drawdown of storage recently amid a cold snap.
