
European natural gas prices declined more than 4% to around €56 per MWh on the first trading day of August after President Donald Trump called off a planned weekend attack on Iran, saying Tehran and other Middle Eastern nations had assured him they were working toward a deal. Trump said that negotiations between the parties are set to begin on Monday. The announcement provided some relief after days of escalating tensions that had driven energy prices sharply higher. European natural gas prices surged 36% in July as the conflict heightened concerns over LNG supplies from the Gulf and Europe’s ability to replenish gas inventories ahead of winter. European gas facilities ended last month about 55% full, well below both the five-year average and the level recorded at the same time last year, leaving storage levels behind the pace needed to meet pre-winter inventory targets before the heating season begins in November 1.





