FX.co ★ European Natural Gas Prices Climb to Two-Week High

European natural gas prices have risen above €95/MWh, the highest level in two weeks, supported by expectations of colder weather, disruptions to Norwegian supply, and reduced LNG exports from the Middle East. Colder conditions are forecast across parts of Europe from November 17, with additional cold spells possible in late November and early December, likely boosting heating demand as the region moves into the winter season. On November 11, Norwegian gas deliveries to Europe were about 9% lower than a year earlier, and unplanned outages at the Troll and Åsgard fields further limited pipeline flows. The region’s supply buffer also remains relatively thin: EU gas storage is below 72%, compared with a five-year seasonal average of 89.1%, while German inventories are under 60%. Supply risks remain elevated amid ongoing disruptions to LNG shipments through the Strait of Hormuz.