Super El Niño May Ease Winter Energy Demand, Offsetting Supply Risks

A strong El Niño is forecast to bring milder winter temperatures, potentially reducing heating demand and easing pressure on tight global energy markets. This comes amid a refining crisis and disruptions to Strait of Hormuz flows, with European gas near 90 euros/MWh. The net effect is uncertain, as weather-driven demand relief could be offset by supply-side risks.

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