European Gas Prices Plummet Amid Strait of Hormuz Disruptions

European natural gas prices have dropped below €72/MWh after a rise in the prior session. Traders are keeping a close eye on the winter supply outlook as disruptions to LNG flows through the Strait of Hormuz persist.

The US and Iran remain far apart on a new agreement that could reopen the waterway, with Tehran maintaining conditions rejected by President Trump.

QatarEnergy has extended its force majeure on LNG deliveries to Italy's Edison through early December due to ongoing disruptions.

European storage facilities are only 71% full, below the five-year seasonal average of 87%, while Germany's storage levels are even lower at just over 57% full.