EU Gas Hits 4-week Low

EU Gas decreased to 68.61 EUR/MWh, the lowest since August 2026. Over the past 4 weeks, Natural Gas EU lost 1.46%, and in the last 12 months, it increased 119.01%.

European natural gas prices fell below €69 per megawatt-hour, the lowest in a month, as weaker Chinese demand eased pressure on a tight global market. China’s LNG imports are expected to decline for a second consecutive month, with September deliveries forecast at about 5.3 million tons, roughly 8% below a year earlier, as high prices linked to the Middle East conflict discourage spot purchases. Meanwhile, Europe faces increasing pressure to rebuild unusually low gas inventories before winter, particularly as around a fifth of global LNG normally transits the Strait of Hormuz. EU storage facilities are about 71% full, well below the five-year seasonal average of 87%, while Germany’s sites are just above 57%. The EU has urged countries to conserve energy and continue filling storage. QatarEnergy extended its force majeure on LNG supplies to Italy’s Edison until December, while Pakistan’s supply arrangements have been extended into November amid shipping difficulties through Hormuz.

European natural gas prices fell to €72/MWh on Tuesday, giving back much of the prior session's gains as a report of increased LNG tanker movements through the Strait of Hormuz eased some supply concerns. Several QatarEnergy-linked vessels have recently been seen outside the strait, suggesting LNG flows may be gradually resuming. However, supply risks remain elevated as the US and Iran remained far apart on a new deal that could reopen the waterway, with Tehran maintaining conditions that President Trump has rejected. QatarEnergy also extended its force majeure on LNG deliveries to Italy’s Edison through early December. European storage facilities are around 71% full, below the five-year seasonal average of 87%, while Germany, the bloc’s largest economy, has even lower storage levels, at just over 57%. The situation is further complicated by intense competition with Asia and ongoing maintenance on Norway’s gas infrastructure, heightening concerns over gas supply adequacy during winter.