Target $18.72, page-5969

bloomberg P.Rocha 5.6.23 said

"European gas futures jumped the most since March amid signs of a tighter liquefied natural gas market and potentially stronger Asian demand for the fuel.

The benchmark month-ahead Dutch contract settled 20% higher at €28.48 a megawatt-hour, after last week skidding to the lowest level in two years. The UK equivalent soared by 22%. The surge could signal the bottom of the market has been reached for now, with traders moving quickly to build positions".

https://www.bloomberg.com/news/articles/2023-06-05/european-gas-prices-rise-along-with-oil-after-saudis-pledge-cut
(Behind paywall-can anyone open, & post here please?)

The strong increase (seemingly replicated again today- c. 16%?) in natural gas prices (off its lowest base on 27.5.23) is odd.
China's post- covid lockdown economy is sputtering/still having "poor" growth, so is hardly adding to LNG etc. demand, or threatening LNG supplies desperately needed for the EU in their coming 2023/24 winter.

EU gas storage levels are very strong now, at c. 60% of capacity.

If EU & UK gas prices continue to rise, thermal coal will be seen as increasingly attractive/ cost efficient (cf gas) for cheap, baseload , reliable power.
Are the EU & UK worried about el nino, & the likely big boost in power demand it will create?