The flurry of activity and price rally that characterized October has subsided as the global natural gas market has steadied with winter nearing. 

LNG imports increased by 2% month/month in October, and for the first time since May, demand is up year/year as the market has tightened, according to Tudor, Pickering, Holt & Co. (TPH). The demand recovery, TPH added, has been led by Asia. Demand in China alone increased 33% year/year, the energy investment bank said. 

But the tone as November gets underway is more cautious as prices and market activity have declined. 

“While Asian demand in October looks very constructive, we’re cautious on extrapolating the trend forward as it appears several large demand centers have effectively pre-bought winter supply,” TPH analysts...