European natural gas prices slipped to €74.40 per megawatt-hour on Friday, retracing part of the previous session’s gains amid reports of US–Iran talks on a phased agreement to reopen the Strait of Hormuz and lift the US blockade. The strait remains a central obstacle to resolving the nearly seven‑month conflict, with neither side willing to cede control of the strategic waterway.
Liquefied natural gas (LNG) shipments from the Persian Gulf remain heavily disrupted, intensifying competition between Europe and Asia for limited global supply as both regions race to replenish stockpiles ahead of the winter heating season. European gas storage is currently just above 70% of capacity, below both typical seasonal levels and the region’s own target, leaving the market exposed to further supply shocks.
Additional pressure comes from maintenance work in Norway, which is reducing pipeline deliveries to Europe and tightening the market further. Over the week, European gas prices are down 0.6%.
