FX.co ★ European Natural Gas Soars by 7%

European natural gas prices jumped 7% to €92.70/MWh, driven by forecasts of colder weather, supply disruptions in Norway, and ongoing geopolitical tensions in the Middle East. Temperatures across Europe are expected to drop from November 17, with additional cold spells possible in late November and early December, further lifting heating demand. At the same time, Norwegian gas flows have declined as outages intensified, most notably at the Troll field, where operator Gassco said the duration of the disruption remains uncertain. Supply concerns have been exacerbated by low storage levels: EU reserves have fallen below 72%, compared with a five-year seasonal average of 89%, while Germany’s inventories stand at under 60%. Geopolitical risks have added further support to prices after US President Donald Trump rejected the need for a deal with Iran, while Tehran has continued to take a hardline stance on its stockpile of enriched nuclear material.