FX.co ★ European Gas Prices Rise Again

European natural gas prices climbed back above €44 per MWh on Thursday, the highest level in nearly three weeks, as a heatwave-driven surge in consumption offset some of the downward pressure from the reopening of the Strait of Hormuz. The extreme heat gripping Europe is sharply boosting electricity demand for air conditioning at a time when gas inventories are already low. The region is struggling to rebuild stocks after earlier supply disruptions, with storage facilities currently about 48% full—well below the 56% recorded at the same time last year and the five-year average of 61%. Meanwhile, President Donald Trump said negotiators had made progress in indirect talks with Iran, signaling that diplomatic efforts remain intact despite recent hostilities.