European Gas Advances as Trump Rejects Iran’s Proposal
European natural gas prices rose toward €73/MWh on Monday after declining the previous week, as President Donald Trump rejected Iran’s seven-day proposal to reopen the Strait of Hormuz, saying the terms were unacceptable. The move reignited concerns over prolonged disruptions to global energy supplies from the Persian Gulf. Reports that Trump expects to resume bombing Iran after the November midterms also added to uncertainty, although he said he expects talks with Tehran to resume this week. Iran, meanwhile, has reiterated its commitment to diplomacy while maintaining its existing conditions. Europe’s relatively low gas inventories was the main concern as the winter heating season approaches, with storage facilities around 70% full, below the five-year seasonal average and the bloc’s target. The EU reportedly warned of a potential energy price crisis stemming from the conflict, calling on member states to curb demand and continue replenishing storage ahead of winter.
European natural gas prices rose toward €73/MWh on Monday after declining the previous week, as President Donald Trump rejected Iran’s seven-day proposal to reopen the Strait of Hormuz, saying the terms were unacceptable. The move reignited concerns over prolonged disruptions to global energy supplies from the Persian Gulf. Reports that Trump expects to resume bombing Iran after the November midterms also added to uncertainty, although he said he expects talks with Tehran to resume this week. Iran, meanwhile, has reiterated its commitment to diplomacy while maintaining its existing conditions.
Europe’s relatively low gas inventories was the main concern as the winter heating season approaches, with storage facilities around 70% full, below the five-year seasonal average and the bloc’s target. The EU reportedly warned of a potential energy price crisis stemming from the conflict, calling on member states to curb demand and continue replenishing storage ahead of winter.