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European natural gas prices steadied around €55 per MWh on Wednesday but remained close to an over two-week low reached in the previous session, as markets weighed prospects of a renewed Middle East deal that could reopen the Strait of Hormuz and restore gas supplies from the Persian Gulf. Qatar said mediation efforts between the US and Iran have reached an advanced stage, with a draft proposal already prepared, while American officials expressed optimism that an agreement could soon be reached. However, concerns persist in Europe amid low inventories, with the region’s gas storage levels now at their lowest for this time of year in almost two decades. With roughly one-fifth of global LNG supply still disrupted by the conflict and Asian buyers competing aggressively for available cargoes, analysts expect European gas prices to remain at a firm floor, leaving the market highly sensitive to any delays or setbacks in ongoing diplomatic negotiations.
