As the Middle East conflict continues, supply prospects are overshadowed in the coming months, and European gas prices have climbed to a high level since December 2022. Benchmark futures rose for the sixth day in a row, with a cumulative increase of nearly 18% this month. In the latest round of conflict escalated, Iran-backed Houthis attacked Saudi Arabia. As winter approaches, there is continuing uncertainty about energy delivery in the Persian Gulf. Next week's brief cold wave may be the first test for the European gas market. In Europe, gas consumption usually doubles during the heating season. Europe's gas storage stocks are at a seasonal low. If energy supply in the Middle East cannot be restored, Europe will have to increase its competition for resources.

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