Global
European gas prices have experienced a notable decline as investors anticipate that the Democratic Party's victory in the U.S. elections will boost efforts to resolve the ongoing crisis involving Iran. Futures contracts for natural gas, the European benchmark for blue fuel, traded down by 2.6% to 85.83 euros per megawatt-hour at 8:59 AM Amsterdam time, briefly reaching their lowest levels in over two weeks. Since the start of the week, contracts have fallen by approximately 18%. Meanwhile, European traders have begun withdrawing gas from storage amid this week's drop in temperatures and reduced wind and solar energy production. Gas storage levels in the European Union have fallen to 74%, compared to a five-year seasonal average of 90%. In Germany, Europe's largest economy, storage levels are below 61%. Attention is focused on whether the political shift in Washington will translate into tangible changes in the crisis trajectory, as global supply remains limited and European reserves fall short of their usual seasonal levels with winter approaching.
