European natural gas prices hit a more than five-week low as the market expects little impact from cold weather this winter.

European natural gas futures continued their recent decline, touching a more than five-week low, as the market expects the cold snap in the region this winter to be weaker than expected. Although the probability of sudden stratospheric warming is increasing, some models suggest that the effect on this winter in Europe may be less significant than in North America due to higher sea temperatures around the European continent. Bloomberg ship tracking data shows that fuel shipments to Western Europe fell slightly last week compared to late October, but overall liquefied natural gas imports remain strong, adding to pressure on futures prices.