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El Nino to Warm Europe This Month, Strengthening Gas Bears

The influence of El Nino will probably push temperatures in Europe above seasonal norms this month, increasing the bearish outlook for natural gas prices already near their lowest since 2009.

Temperatures in November will be above normal for the time of year, according to all six meteorologists surveyed by Bloomberg News. Last month was cooler than usual for most of the region, boosting gas demand by 14 percent from a year earlier in the U.K., Europe’s largest traded market, according to National Grid Plc data.

U.S. forecasters predict that this year’s El Nino, a warming of the equatorial Pacific Ocean, may be the strongest since records began in 1950, affecting weather patterns across the world. The warmth comes amid a period of abundant fuel, including a 41 percent jump in deliveries from Russia, the region’s...


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