Topics explored include:

• European LNG imports impacted and Nord Stream flows have dropped
• If supplies don’t return following maintenance, we look at what it means for gas prices
• Gas demand moderation requested in Germany
• Oil prices are rangebound, driven by headlines and propped up by increasing demand from China
• Carbon is also rangebound following ETS reform approval, with upside movement expected due to coal demand this winter
• Spot prices for power remain high, while the curve shows significantly better value
• The winter ahead should not be your main concern

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