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European gas curves surge after Saudi attacks then fall back

London — The European natural gas markets are feeling the knock-on effect of the attacks on Saudi Arabia's pivotal Abqaiq processing facility and Khurais oil field, pushing the entire gas curve higher at the market open Monday.

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However, prices fell back over the course of the morning to close to Friday's settlements.

"The early trades in the curve have been quite high due to the Saudi Arabia attack, but they are all down near settlement level again. For example October TTF traded at Eur15.85/MWh, now Eur14.65/MWh. Cal 20 TTF traded at Eur19.025 now Eur18.625/MWh," a Germany-based gas trader said at around 1000 GMT.

The uncertainty though continued to be felt in the curve contracts.

"Winter TTF is still up just under 50 euro cent. Coal and carbon are also up, so the whole commodity complex," which in turn continues to support gas, a Dutch trader said.

"We will now have to wait for the next Trump tweet," the second trader added.

The US, a key ally of the Saudis, has accused Iran of directly carrying out the attacks, something Tehran strongly denies.

Saudi officials said the fires caused by the attacks had caused 5.7 million b/d of crude production - half of the kingdom's capacity -- to be shut in.

-- Antoine Simon, antoine.simon@spglobal.com

-- Edited by Jonathan Dart, newsdesk@spglobal.com