FX.co ★ European Gas Prices Rebound 3%

European natural gas prices climbed 3% to above €74/MWh amid mounting concerns over supply linked to prolonged LNG disruptions from Qatar and uncertainty surrounding shipping through the Strait of Hormuz. QatarEnergy has extended its force majeure on LNG deliveries to Italy’s Edison through December, while Pakistan has reportedly secured an extension into November due to persistent logistical difficulties in transiting the strait. Iran has upheld its conditions for reopening the waterway after US President Donald Trump rejected its latest proposal, although he suggested that negotiations could resume this week. The ongoing uncertainty is fueling worries over Europe’s ability to rebuild gas stocks ahead of winter. EU officials have urged member states to conserve energy and continue injecting gas into storage. European storage facilities are currently about 71% full, significantly below the five-year seasonal average of 87%, and Germany’s sites are just over 57% full. Although LNG imports have risen since mid-August, intense competition for supplies remains a major risk factor.