EU Gas Jumps 150%, Steel Demand Shrinks 0.1%, and China Buys LME Storage

The Commodities Trade Institute Podcast · Oct 13, 2026 · 5m

European natural gas benchmarks have surged 150% as military conflict traps 20% of global LNG in the Persian Gulf, forcing European storage to seasonal lows while accelerating emerging Asia's shift toward renewables. Concurrently, international crude holds above $100 a barrel amid an unprecedented geographic rift that leaves heavy oil stranded in the Americas while foreign refiners scramble for barrels. Industrial fundamentals worsen as the World Steel Association cuts 2026 demand into a 0.1% contraction, even as state-backed Chinese logistics operators move to acquire London Metal Exchange…