According to CoinMeta, the results of the U.S. mid-term elections boosted market expectations for a ceasefire. European natural gas prices have fallen for four consecutive days, with a cumulative decline of about 18% so far this week. The Middle East conflict has led to nearly one-fifth of global liquefied natural gas exports being withdrawn from the market, leaving European natural gas reserves at an unusually low level this winter and intensifying the competition between Europe and Asia for natural gas supplies. Recently, natural gas prices in both regions have soared to their highest levels since 2022, more than tripling from the beginning of the year. Warren Patterson and Eva Manteshi, strategists at ING Group, stated that after the Democratic Party's comprehensive victory in the U.S. mid-term elections, market expectations for a faster end to the Iran war due to changes in the political landscape have increased, putting significant pressure on the energy market. However, from a fundamental perspective, the European natural gas market remains under supply strain.