European Natural Gas Prices Climb to Two-Week High

European natural gas prices climbed above €95/MWh, their highest level in two weeks, underpinned by colder weather expectations, disruptions to Norwegian supply, and curtailed LNG exports from the Middle East. Colder conditions are forecast across parts of Europe from November 17, with further cold spells possible toward late November and early December, potentially driving up heating demand as the region enters the winter season. Norwegian gas deliveries to Europe were around 9% below year-earlier levels on November 11, while unplanned outages at the Troll and Åsgard facilities further constrained pipeline supplies. The region's supply buffer also remains relatively thin, with EU gas storage levels below 72%, compared with a 5-year seasonal average of 89.1%, while Germany’s stocks were below 60%. Supply risks remained elevated due to continued disruptions to LNG shipments through the Strait of Hormuz.