Natural Gas EU traded above 60 EUR/MWh

European natural gas futures climbed toward €47 per MWh, reaching a more than three-week high, as concerns persisted over further delays to LNG shipments from the Persian Gulf amid the continued blockade of the Strait of Hormuz. President Donald Trump said he had rejected a recent Iranian proposal to reopen the strait, saying that restrictions on Iranian ports would remain in place until Tehran agrees to a nuclear deal. Iran, meanwhile, vowed to safeguard its nuclear program, signaling that it would maintain control over the strategic waterway. The strait has now been effectively shut for two months, cutting off roughly one-fifth of global LNG supply. The situation is critical for Europe, which needs to secure sufficient fuel over the summer to replenish storage ahead of the next winter season. European gas prices declined 9.4% in April, following a sharp rally in March.

European natural gas futures rose to around €47.4 per MWh on Wednesday, rebounding after two consecutive sessions of declines, amid reports that President Donald Trump has asked his aides to prepare for a prolonged blockade of Iran. The report said that Trump is seeking to exert maximum pressure on Tehran until it agrees to the key US demand of fully halting its nuclear activities. This comes after Iran presented a new proposal to the US to reopen the Strait of Hormuz and end the conflict, while deferring nuclear negotiations to a later stage. The key shipping route remains largely impassable, continuing to disrupt flows of around one-fifth of global LNG supply. Traders are monitoring Europe’s LNG imports, as the region needs to secure fuel this summer to replenish storage levels ahead of next winter.

European natural gas futures fell to around €43.4 per MWh, as traders now look to President Trump’s response to Iran’s proposal to reopen the Strait of Hormuz. The White House said US officials were reviewing Iran’s latest proposal but maintained red lines on any agreement to end the war. The proposal includes reopening the strait in exchange for Washington lifting its blockade on Iranian ports, with discussions on Tehran’s nuclear program to be held at a later date. This followed the collapse of a second round of talks in Pakistan over the weekend after delegations from both sides pulled out. The strait remains largely impassable, with both sides maintaining restrictions around the key waterway, disrupting flows of roughly one-fifth of global LNG supply. Traders are monitoring Europe’s LNG imports, as the region needs to secure fuel this summer to replenish storage levels ahead of next winter.