Concerns about further attacks on energy infrastructure remain, but this was outweighed by the weak economic backdrop and its impact on demand, the bank noted.

Europe's natural gas inventories are at 60% of capacity, a record level for this time of the year, while power demand in countries such as Germany and France are well below the five-year average, ANZ Bank said.

North Asian liquefied natural gas prices also declined amid easing supply concerns. However, a lack of investment in Australian domestic gas supply could affect the country's LNG exports, the bank said.

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