European natural gas prices slipped toward €70 per megawatt-hour, their lowest level in three weeks, following reports that Iran may reopen the Strait of Hormuz if the United States lifts its blockade of Iranian ports. According to Japan’s Kyodo News, Tehran has proposed reopening the key shipping route within seven days, a move that could form the basis for diplomatic talks at the UN General Assembly.
US President Donald Trump is scheduled to address the General Assembly and may hold a meeting with Iranian President Masoud Pezeshkian. At the same time, an increasing number of LNG tankers and crude carriers are using alternative shipping routes, helping to ease supply concerns, while LNG demand in Northeast Asia remains subdued, particularly in China, Japan and Turkey.
In Europe, warmer and drier weather is forecast over the next two weeks. Gas storage sites are 69.94% full, up 0.31 percentage points from the previous day but 11.76 points below the level recorded a year ago. Norwegian gas exports continue to be constrained by maintenance, with booked flows down to 262.5 million cubic metres per day.
