Symbolic imageOil eases while European gas hits four-year high on winter fears
Brent retreated on Monday from its Friday peak, but European gas rose to its highest price since 2022. US strategic oil reserves have fallen to their lowest level since 1982.
Brent crude had reached $117 a barrel on Friday after reports that the US and Israel have drawn up plans for renewed strikes on Iran after the US midterm elections. On Monday, 26 October, it fell about 2% to nearly $115, according to the Guardian. Wall Street Journal headlines link the dip to US-Iran diplomacy and Saudi attacks, and describe it as a likely technical correction; only those headlines were available.
Gas at €97 per megawatt-hour
The Dutch TTF one-month contract rose to 97.64 euros on Monday, almost 3% above Friday, according to Daily Sabah. It has gained about a third this month and more than tripled this year. Gulf LNG flows remain down roughly 80% year on year, with shipping through the Strait of Hormuz effectively at a standstill. EU storage is 74.6% full (Gas Infrastructure Europe) against a seasonal average closer to 80%, the Guardian notes; Germany's is above 61%, versus around 75% a year ago.
US reserves and diesel costs
Reuters reports that oil stocks in the US strategic petroleum reserve have fallen to their lowest level since 1982. It also reports that US retailers face record holiday delivery prices because of diesel-linked surcharges (both known from headlines only).