European natural gas prices traded near €87 per megawatt-hour on Thursday, their highest level since 2022, as supply risks in the Persian Gulf and seasonally low storage levels raised concerns over winter security. Shipping disruptions in the Strait of Hormuz have curtailed LNG flows from the Middle East, which accounts for roughly 20% of global LNG exports. The resulting reduction in Gulf shipments has intensified competition for spot cargoes, tightening supply for Europe and complicating efforts to rebuild inventories. European gas storage sites are currently about 74% full, undershooting historical norms for this stage of the year. Replenishment efforts may be further hampered if early cold weather materializes, with updated forecasts indicating a pronounced cold snap across northeastern Europe from next weekend that is likely to increase heating demand. At the same time, a recovery in Norwegian pipeline deliveries has offered some partial relief to the market.