Core Insights - European natural gas futures prices have dropped to the lowest level since May 2024, following Ukrainian President Zelensky's agreement to develop a peace plan [1] - Warmer weather forecasts are putting pressure on heating demand, with predictions indicating that temperatures in Northwest Europe will return to or exceed seasonal norms from late November to early December [1] - Despite recent fluctuations in short-term weather forecasts keeping traders cautious, the overall trend is shifting towards warmer conditions [1] - Current cold waves have accelerated the extraction of natural gas, leading to a continuous decline in inventory levels, with European gas storage facilities currently filled to less than 81% [1]