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European natural gas prices hovered around €60 per MWh on Wednesday after falling in the previous session, as traders assessed diplomatic aimed at reaching a Middle East deal that could pave the way for the resumption of LNG shipments through the Strait of Hormuz. Pakistan’s defense minister said the US and Iran were “close to some sort of arrangement” over the waterway, while negotiations between Tehran and Oman were also reportedly making significant progress. However, uncertainty over a swift reopening of the strait persists, with both sides taking firmer positions. The ongoing disruption to shipping has severely constrained LNG shipments, leaving shipments from major exporter Qatar significantly delayed. Analysts expect European gas prices to maintain a firm floor until storage levels show clearer signs of building before the heating season begins. Hot weather across Europe is also boosting electricity demand for cooling, adding further pressure to the market.
