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Air raid sirens have been activated in the Jizan region, according to the Saudi official news agency. This comes after Irans Tasnim News Agency reported that an explosion was heard near the Jizan oil refinery in Saudi Arabia.On August 16, Abbas Goudarzi, spokesman for the Iranian Parliaments Presidium, announced that the Iranian Parliament had passed an anti-infiltration bill to counter infiltration by enemy intelligence agencies and foreign governments or institutions. According to reports, Hassan Kashkawi, spokesman for the Iranian Parliaments National Security and Foreign Policy Committee, said while introducing the bill that Iran already has laws against espionage, but there was a legal gap regarding anti-infiltration, and this bill aims to fill that gap.Israels economy rebounded in the second quarter, recovering from the economic contraction triggered by the military action against Iran. Data released Sunday by Israels Central Bureau of Statistics showed that seasonally adjusted GDP grew at an annualized rate of 15.4% in the second quarter, exceeding the median forecast of 8.3% from eight economists surveyed by Bloomberg. First-quarter GDP was revised to contract by 2.2%. Exports of goods and services led the growth, increasing by 35.2%; government consumption rose by 19.5%, private consumption by 14.7%, and fixed capital formation by 6.3%. Yonie Fanning, chief strategist at Mizrahi-Tfahot Bank, said in a telephone interview before the data release that the Israeli economy is expected to experience a "rapid recovery" after the economic contraction caused by the conflict with Iran. He stated that consumer spending, including on durable goods, is expected to be a key driver of the economic rebound.According to Israels i24News, Israeli Prime Minister Netanyahu will meet with US Special Envoy Jared Kushner and senior peace committee officials in Israel tomorrow.According to Israels Channel 12: Israeli fighter jets carried out airstrikes on the Haniyus region in the southern Gaza Strip.

Warm Weather And Ample Supply Keep European Gas Prices Low

Charlie Brooks

Oct 25, 2022 14:18

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Due to forecasts of warmer-than-normal weather for the majority of the continent over the next week, European natural gas contracts fell further in early trading on Monday.


At 04:45 ET (08:45 GMT), the benchmark for northwest Europe, front-month Dutch TTF futures, were down more than 10% to 101.39 euros per megawatt-hour after starting at a four-month low of 100 EUR/MWh.


Meteorological forecasts indicate that continental Europe will enjoy temperatures 4 to 8 degrees Celsius above average this week, indicating decreased demand and permitting importers to continue injecting excess gas into storage.


A mild start to the winter heating season and strong purchases of liquefied natural gas on spot markets have allowed Europe to fill its storage facilities ahead of schedule, relieving the pressure generated by Russia's effective supply stop.


As of Sunday, EU storage facilities were filled to a level of 93,4 percent, with the continent's two major markets, Germany and Italy, displaying even greater levels.


As a result of the paucity of available storage, Saxo Bank analyst Ole Hansen cautioned on Twitter that a "short-term price fall" was possible.


Nevertheless, longer-term contracts indicate that the markets believe the current downturn to be temporary. The TTF price for the first quarter of the next year remains at 144.64 EUR/MWh, while the annual price for 2023 is 142.43 EUR/MWh. This reflects the risk that, if the situation in Ukraine continues, Europe will be without Russian gas for a full year in 2023, forcing it to make greater and more frequent spot market imports.


In addition, Alexander Stahel of the Swiss consultancy firm Burggraben noted, "LNG cargo owners are aware that winter is approaching." As a result, he noted, they are keeping LNG ships offshore, as opposed to routing them to other markets, as they wait for milder weather to improve demand and free up storage capacity. According to Stahel, this is substantially limiting the global market.

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