EMEA Natural Gas Update: TTF Futures Gain on Heatwave, Tight Storage Despite Easing Hormuz Risks

European natural gas futures rose on Friday as a heatwave across the continent lifted cooling demand and offset easing concerns over potential supply disruptions through the Strait of Hormuz. Front-month Dutch TTF contracts advanced 2.08% to 44.95 euros ($51.41) per megawatt hour, while UK NBP futures fell 2.6% to 107.230 British pence ($1.42) per therm. Extreme heat continued to push electricity demand higher across Europe as air-conditioning use increased, supporting gas prices despite improving geopolitical sentiment around the Strait of Hormuz, Trading Economics said. Progress in indirect US-Iran talks in Doha helped ease fears of immediate supply disruptions, with Qatar and Pakistan reportedly signaling diplomacy remained on track despite recent regional tensions, according to Trading Economics. Despite slower inventory drawdowns due to warmer weather, EU gas storage remains low. Gas Infrastructure Europe reported inventories at 49.24% as of Thursday, down from 59.15% a year ago, with Germany at 41.98% and France at 49.53%. Traffic through the strategically important Strait of Hormuz remained active, with 27 vessels passing through the waterway over the past 24 hours,.