European natural gas prices slipped to about €72/MWh on Wednesday, their lowest level since September 4, as renewed US–Iran talks boosted expectations of a diplomatic breakthrough. President Donald Trump said US officials had held a “very good meeting” with Iranian representatives on the sidelines of the UN General Assembly, though he did not provide further details.
Reports from Tehran indicated a possible willingness to reopen the Strait of Hormuz within seven days, contingent on Washington easing military pressure and lifting its blockade. In parallel, the increasing number of LNG tankers and crude carriers using alternative routes has helped ease some supply concerns.
Nonetheless, significant uncertainty persists around the broader conflict and the outlook for energy transport. European gas storage sites are only about 69% full, well below the five-year seasonal average of 85%, leaving the market exposed heading into the winter heating season. Norwegian gas exports also remain limited by maintenance work, with booked volumes dropping to 262.5 mcm per day on Tuesday.
