Energy Markets Weekly: Softer oil, steady flows, and mild weather cool late-October sentiment

Markets settled into a softer rhythm this week as oil extended its decline, LNG send-out strengthened, and wind output stabilised after early-month volatility. Gas and power curves eased slightly, while prompt values stayed responsive to temperature shifts and short-lived Norwegian maintenance. The macro backdrop — with the IEA projecting record oil oversupply in 2026 and China’s LNG demand stagnating — continues to cap upside. Power remains more reactive day-to-day, but system fundamentals are sound heading into November.