European Gas Prices Rebound 3%
European natural gas prices rose 3% to above €74/MWh, as Qatar’s prolonged LNG supply disruptions and uncertainty over the Strait of Hormuz raised concerns about gas supplies. QatarEnergy extended its force majeure on LNG deliveries to Italy’s Edison through December, while Pakistan has reportedly secured an extension into November because of difficulties shipping gas through the waterway. Iran has maintained its conditions for reopening the strait after US President Donald Trump rejected its latest proposal, although he indicated that talks could resume this week. The prolonged uncertainty is raising concerns about Europe’s ability to replenish gas inventories before winter. EU officials urged member states to conserve energy and continue filling storage. European facilities are around 71% full, well below the five-year seasonal average of 87%, while Germany’s storage sites are just over 57% full. LNG imports have increased since mid-August, but supply competition remains a key risk.
European natural gas prices rose 3% to above €74/MWh, as Qatar’s prolonged LNG supply disruptions and uncertainty over the Strait of Hormuz raised concerns about gas supplies. QatarEnergy extended its force majeure on LNG deliveries to Italy’s Edison through December, while Pakistan has reportedly secured an extension into November because of difficulties shipping gas through the waterway. Iran has maintained its conditions for reopening the strait after US President Donald Trump rejected its latest proposal, although he indicated that talks could resume this week.
The prolonged uncertainty is raising concerns about Europe’s ability to replenish gas inventories before winter. EU officials urged member states to conserve energy and continue filling storage. European facilities are around 71% full, well below the five-year seasonal average of 87%, while Germany’s storage sites are just over 57% full. LNG imports have increased since mid-August, but supply competition remains a key risk.