European Natural Gas Prices Fall to 3-Week Low

2026-09-22 09:47 By Agna Gabriel 1 min. read

European natural gas prices fell toward €70 per megawatt-hour, their lowest level in three weeks, after reports that Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports.

Japan’s Kyodo News reported that Tehran had proposed reopening the waterway within seven days, potentially providing a basis for diplomatic discussions at the UN General Assembly.

President Donald Trump is due to address the assembly and may meet Iranian President Masoud Pezeshkian.

Rising numbers of LNG tankers and crude carriers using alternative routes have also eased supply concerns, while LNG demand in Northeast Asia remains weak, particularly in China, Japan and Turkey.

In Europe, warmer and drier weather is expected over the next two weeks.

Gas storage stood at 69.94% full, up 0.31 percentage points day on day but 11.76 points below last year.

Meanwhile, Norwegian gas exports remained constrained by maintenance, with bookings falling to 262.5 million cubic metres per day.



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European Natural Gas Prices Fall to 3-Week Low
European natural gas prices fell toward €70 per megawatt-hour, their lowest level in three weeks, after reports that Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports. Japan’s Kyodo News reported that Tehran had proposed reopening the waterway within seven days, potentially providing a basis for diplomatic discussions at the UN General Assembly. President Donald Trump is due to address the assembly and may meet Iranian President Masoud Pezeshkian. Rising numbers of LNG tankers and crude carriers using alternative routes have also eased supply concerns, while LNG demand in Northeast Asia remains weak, particularly in China, Japan and Turkey. In Europe, warmer and drier weather is expected over the next two weeks. Gas storage stood at 69.94% full, up 0.31 percentage points day on day but 11.76 points below last year. Meanwhile, Norwegian gas exports remained constrained by maintenance, with bookings falling to 262.5 million cubic metres per day.
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