European Gas Extends Rally

2026-08-11 01:28 By Judith Sib-at 1 min. read

European natural gas prices climbed to €61.5 per MWh on Tuesday, extending the previous session’s rally, as hopes for a deal to reopen the Strait of Hormuz faded amid demands from the US and Iran.

President Trump on Monday called for Iran to compensate for people it has killed in conflicts, after Tehran sought compensation for damage caused by US and Israeli attacks.

The standoff has reduced expectations of an immediate resolution that would restore LNG flows through the Persian Gulf.

The ongoing disruption has tightened global LNG supplies, intensifying competition with Asian buyers and hampering Europe’s efforts to replenish gas stockpiles ahead of winter.

European gas storage sites recently fell to their lowest seasonal levels in records going back to 2009, heightening concerns over winter supplies.

Traders are also monitoring extended supply cuts at Norway’s Ormen Lange gas field, Europe’s largest pipeline supplier, as further disruptions could amplify price volatility.



News Stream
European Gas Extends Rally
European natural gas prices climbed to €61.5 per MWh on Tuesday, extending the previous session’s rally, as hopes for a deal to reopen the Strait of Hormuz faded amid demands from the US and Iran. President Trump on Monday called for Iran to compensate for people it has killed in conflicts, after Tehran sought compensation for damage caused by US and Israeli attacks. The standoff has reduced expectations of an immediate resolution that would restore LNG flows through the Persian Gulf. The ongoing disruption has tightened global LNG supplies, intensifying competition with Asian buyers and hampering Europe’s efforts to replenish gas stockpiles ahead of winter. European gas storage sites recently fell to their lowest seasonal levels in records going back to 2009, heightening concerns over winter supplies. Traders are also monitoring extended supply cuts at Norway’s Ormen Lange gas field, Europe’s largest pipeline supplier, as further disruptions could amplify price volatility.
2026-08-11
European Gas Rises Amid Uncertainty Over Hormuz
European natural gas prices rose to €58 per MWh on Monday, recouping most of the previous week’s losses amid uncertainty over the normalization of shipping through the Strait of Hormuz. Iran and Oman remained short of a final agreement over the weekend after Tehran renewed a lengthy list of demands for Washington as conditions for a full reopening of the strategic waterway, indicating any immediate relief for gas supplies could remain limited. Although Iran indicated that a deal was close, it cautioned that this did not mean the strait would reopen imminently, while again ruling out any direct negotiations with the US. With a deal still elusive, disruptions to LNG shipments through the key waterway are likely to persist, delaying cargoes from major exporters such as Qatar. The ongoing delays have kept global supply balances tight, intensifying competition with Asian buyers for available cargoes and hampering Europe's winter stockpiling efforts.
2026-08-10
European Natural Gas Extends Advance
European natural gas prices climbed above €57 per MWh on Friday, extending gains from the previous session as renewed tensions in the Strait of Hormuz raised uncertainty over the resumption of LNG flows from the Persian Gulf. Iranian state media reported that naval forces had conducted an operation against "hostile targets" near the strait following explosions heard on Qeshm Island. Tehran is also reportedly seeking to restrict US and Israeli vessels from transiting the waterway under a proposed agreement with Oman, while demanding compensation from countries it considers hostile before allowing passage. European gas prices recovered most of the losses recorded earlier in the week following the reports. Continued disruptions to LNG shipments from key exporters such as Qatar have kept global supply balances tight, intensifying competition with Asian buyers for available cargoes and hampering Europe's winter stockpiling efforts.
2026-08-07