Gas prices rose by over 1% to trade at €47.20 per megawatt hour. In the report, Opec said that oil market fundamentals remained strong and blamed speculators for a recent sharp drop in prices. Weak economic data last week from China, the world's biggest crude oil importer, also raised fears of faltering demand. "Given that oil prices have weakened in the last few weeks, Saudi Arabia and Russia will likely continue with their voluntary supply cuts into next year. For now, Goldman Sachs analysts expect European gas prices to remain flat in the next few months.

Source: Irish Examiner November 13, 2023 19:38 UTC