John Kemp: Record warming leaves world with too much gas and prices are slumping

In the EU and Britain, stock levels at the end of November were a seasonal record

In Europe, futures prices for deliveries in the peak winter demand period in January 2024 have slumped. 

The northern hemisphere experienced its warmest October and November in records dating back to the 1880s — pushing the gas market into a large surplus and triggering a slump in prices.

Northern hemisphere land temperatures were 2.6°C above the long-term seasonal average in October and over 3°C above the seasonal average in November.