European natural gas futures rose to around €47.1 per megawatt hour, recouping losses from the previous session amid continued lack of any concrete resolution to the Middle East conflict despite recent optimism. Negotiations to end the war were thrown back into disarray after the White House denied Iran’s claim that a draft peace agreement was making progress. An agreement between the two sides could pave the way for the reopening of the Strait of Hormuz, which has remained largely closed for three months now. Continued disruption has heightened concerns that Europe may face difficulties replenishing inventories ahead of winter, with current storage levels at around 38%, well below the five-year average of more than 50% for this period. Adding to demand-side pressures, Europe is experiencing its first major heatwave of the season, with record temperatures forecast in cities such as London, Paris, and Madrid.

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