European natural gas falls below €67/MWh after 3½-year peak
European natural gas prices fall below €67 per megawatt-hour, easing from Monday’s 3½-year high of €68.46 as de-escalation prospects for US-Iran improve amid ongoing LNG and weather-driven demand concerns.
European natural gas prices fell below €67 per megawatt-hour, easing from Monday’s 3½-year high of €68.46, as improving prospects for de-escalation between the US and Iran reduced some concerns over supply disruptions.
Gas prices tracked a broader decline in energy markets after Washington’s latest measures against Tehran appeared less likely than expected to disrupt physical supplies.
Diplomatic efforts also offered some relief, with Pakistan’s army chief visiting Iran and Qatar continuing to support mediation between Tehran and Washington.
Reports that the US could begin returning evacuated diplomats to the Middle East also suggested that an immediate escalation in the conflict may be less likely.
Nevertheless, supply risks remain, particularly as disruptions around the Strait of Hormuz have constrained LNG deliveries from Qatar.
At the same time, persistent hot weather is boosting cooling demand, making it harder for European countries to rebuild gas inventories ahead of winter.