EU Gas Prices Extend Decline

2026-07-31 01:32 By Judith Sib-at 1 min. read

European natural gas prices dropped to around €57 per MWh on Friday, extending losses from the previous session amid signs of improving shipping conditions through the Strait of Hormuz despite regional tensions and fresh LNG arrivals in Europe.

Qatar sent its first LNG tanker through the waterway in more than three weeks, raising hopes that exports from one of the world's largest LNG suppliers could gradually resume.

Steady LNG deliveries to Northwest Europe, along with reliable pipeline flows from Norway, also helped ease supply concerns.

Despite the recent pullback, EU gas prices remain more than 33% higher in July, as renewed US-Iran hostilities disrupted Persian Gulf supplies while heatwaves boosted electricity demand, limiting Europe's ability to replenish inventories ahead of winter.

EU storage facilities are about 55% full, below the seasonal five-year average and behind the pace needed to comfortably meet pre-winter storage targets before the heating season begins in November.



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EU Gas Prices Extend Decline
European natural gas prices dropped to around €57 per MWh on Friday, extending losses from the previous session amid signs of improving shipping conditions through the Strait of Hormuz despite regional tensions and fresh LNG arrivals in Europe. Qatar sent its first LNG tanker through the waterway in more than three weeks, raising hopes that exports from one of the world's largest LNG suppliers could gradually resume. Steady LNG deliveries to Northwest Europe, along with reliable pipeline flows from Norway, also helped ease supply concerns. Despite the recent pullback, EU gas prices remain more than 33% higher in July, as renewed US-Iran hostilities disrupted Persian Gulf supplies while heatwaves boosted electricity demand, limiting Europe's ability to replenish inventories ahead of winter. EU storage facilities are about 55% full, below the seasonal five-year average and behind the pace needed to comfortably meet pre-winter storage targets before the heating season begins in November.
2026-07-31
EU Gas Prices Ease on Hopes of Resumed Qatari LNG Exports
European natural gas prices fell below €60 per MWh on Thursday, giving back part of the previous session’s gains after reports that a Qatari LNG tanker had successfully exited the Strait of Hormuz, raising hopes that exports from one of the world’s largest LNG suppliers could gradually resume. It was the first such vessel reported to have left the waterway since one of Qatar’s tankers was attacked more than three weeks ago. However, concerns over the security of shipping through the strait persist amid renewed fighting in the region. President Donald Trump pledged a strong response after Iran attacked US bases in Jordan, following joint strikes by Saudi Arabia and Washington against Iran-backed militias in Iraq. Earlier this week, QatarEnergy extended its force majeure for European and Asian customers, intensifying competition between the two regions for available LNG cargoes. Heatwaves across Europe also boosted electricity demand, slowing the pace of gas storage replenishment.
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European natural gas prices surged more than 4% to above €60 per MWh on Wednesday, rebounding after two consecutive sessions of losses, as fresh hostilities in the Middle East deepened concerns over prolonged supply disruptions. The US and Saudi Arabia conducted joint military strikes against Iran-backed groups in Iraq, accusing them of being behind drone attacks on Saudi oil facilities, prompting Iran to warn that holding it responsible for the attacks would be a "major miscalculation." The strikes came just hours after Washington said it had intercepted multiple missiles launched by Tehran targeting US troops in the region, ending a days-long lull in fighting. The latest escalation worsens Europe’s gas supply outlook as the region races to replenish storage ahead of the winter. Supply worries were compounded by reports that QatarEnergy, one of the world's largest LNG exporters, has extended its force majeure for European buyers until at least the end of September.
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