European Gas Extends Rally

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

European natural gas prices climbed to €61.8 per MWh on Tuesday, extending Monday's rally, as the prospect of 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.

This tempered hopes for 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 before winter.

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

Traders also monitor the extended supply cuts at the Ormen Lange gas field in Norway, Europe’s largest pipeline supplier, as this could further tighten Europe’s already strained gas market and amplify price volatility.



News Stream
European Gas Prices Decline
European natural gas prices fell below €72/MWh on Friday, snapping a two-day advance, as softer Asian LNG demand and higher US supplies offered some relief to the European market. US LNG exports rose to 10.9 million tonnes in September, with Europe receiving 5.91 million tonnes, or 54% of total shipments, as buyers refilled inventories ahead of winter. Meanwhile, weaker Chinese LNG demand could free up additional cargoes for Europe, easing competition for spot supplies. Still, EU gas storage is around 71% full, below the five-year seasonal average of 87%, while Germany’s inventories are just above 57%. QatarEnergy has extended force majeure on LNG deliveries to Italy’s Edison until December, while some Qatar-linked LNG vessels have resumed transits through the Strait of Hormuz in recent weeks. Low storage levels leave Europe more exposed to disruptions, as the prospect of renewed US military action against Iran raises concerns over flows through the key shipping route.
2026-10-02
European Gas Prices Hold Gains
European natural gas prices held above €73/MWh, after rebounding from a one-month low, as traders continue to monitor Middle East developments and the bloc’s gas storage levels ahead of winter. Europe’s gas prices have risen 158% so far this year, as uncertainty over the reopening of the Strait of Hormuz continues to affect gas markets, with US-Iran talks remaining deadlocked. European gas storage is around 71% full, well below the five-year seasonal average of 87%, while Germany’s inventories are just above 57%. While some Gulf LNG cargoes have transited the strait in recent weeks, volumes remain too low to materially ease global supply tightness. QatarEnergy has extended force majeure on LNG deliveries to Italy’s Edison until December, while Pakistan's supply arrangements have been extended into November. However, softer Chinese LNG demand offers some relief, with imports expected to fall for a second month, potentially freeing up cargoes for European buyers.
2026-10-01
European Gas Prices Remain at 1-Month Low
European natural gas prices hovered around €69 per megawatt-hour, a one-month low, with traders continuing to monitor the bloc’s winter supply outlook. Prices were on track for a modest monthly decline but were up about 60% in the third quarter. Europe is scrambling for supply to replenish gas reserves ahead of winter, with storage facilities around 71% full, well below the five-year seasonal average of 87%, while Germany’s sites were just above 57%. The supply outlook remains particularly uncertain as disruptions to LNG shipments linked to difficulties navigating the Strait of Hormuz continue to pose risks to European imports. QatarEnergy has extended force majeure on LNG supplies to Italy’s Edison until December, while Pakistan’s supply arrangements have been extended into November as shipping disruptions persist. However, softer Chinese LNG demand has eased some pressure on the global market, with imports set to decline for a second consecutive month.
2026-09-30