European Gas Prices Decline
European natural gas prices fell below €72/MWh on Tuesday after rising in the prior session, with traders continuing to monitor the bloc’s winter supply outlook amid persistent disruptions to LNG flows through the Strait of Hormuz. The US and Iran remained far apart on a new agreement that could reopen the waterway, with Tehran maintaining conditions that President Trump has rejected. As disruptions persist, QatarEnergy extended its force majeure on LNG deliveries to Italy’s Edison through early December. European storage facilities are around 71% full, well below the five-year seasonal average of 87%, while Germany, the bloc’s largest economy, has even lower storage levels, at just over 57% full. The situation is further complicated by intense competition with Asia and ongoing maintenance work on Norway’s gas infrastructure. With the heating season approaching, low inventories and continued Gulf supply uncertainty leave the market vulnerable to further price volatility.
European natural gas prices fell below €72/MWh on Tuesday after rising in the prior session, with traders continuing to monitor the bloc’s winter supply outlook amid persistent disruptions to LNG flows through the Strait of Hormuz. The US and Iran remained far apart on a new agreement that could reopen the waterway, with Tehran maintaining conditions that President Trump has rejected. As disruptions persist, QatarEnergy extended its force majeure on LNG deliveries to Italy’s Edison through early December.
European storage facilities are around 71% full, well below the five-year seasonal average of 87%, while Germany, the bloc’s largest economy, has even lower storage levels, at just over 57% full. The situation is further complicated by intense competition with Asia and ongoing maintenance work on Norway’s gas infrastructure. With the heating season approaching, low inventories and continued Gulf supply uncertainty leave the market vulnerable to further price volatility.