European Natural Gas Prices Fall to 4-Week Low

European natural gas prices fell to around €82/MWh, their lowest level since October 9, extending a 17.7% loss in the previous week, as hopes of a diplomatic resolution to the Middle East conflict grew. President Donald Trump said it’s highly unlikely he will order extensive strikes on the Islamic Republic, although Secretary of State Marco Rubio cautioned that negotiations may not deliver rapid progress. However, prices remain well above their pre-war levels, as the disruption of Middle Eastern LNG exports, which previously accounted for around a fifth of global supply, leaves Europe facing a tight market ahead of winter. EU gas storage is below 73%, well below the five-year seasonal average of 90%, while Germany’s inventories are below 60%. Colder temperatures and weaker wind and solar generation have increased withdrawals, while Norwegian pipeline supplies remain constrained by outages. Competition for LNG is also expected to intensify as Asian buyers increase spot purchases.

EU Gas decreased to 82.28 EUR/MWh, the lowest since October 2026. Over the past 4 weeks, Natural Gas EU lost 1.57%, and in the last 12 months, it increased 167.21%.

European natural gas prices rose above €86/MWh on Monday but remained near a two-week low, as traders weighed hopes of a diplomatic resolution to the US-Iran conflict against continued regional tensions. President Trump said further strikes on Iran were highly unlikely if talks made substantial progress. However, Secretary of State Marco Rubio played down the prospect of a breakthrough, describing Tehran’s demands as unacceptable and unrealistic. European gas prices remain more than double their pre-conflict levels amid disruptions to LNG supplies from the Persian Gulf and unusually low inventories. As of November 8, European storage facilities were 72.65% full, compared with a 5-year seasonal average of 90%. Colder weather, along with low wind and solar generation, has accelerated storage withdrawals, while Norwegian pipeline flows have remained below capacity due to unplanned outages. The tight supply situation has raised the prospect of intense competition with Asia for cargoes.