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European natural gas prices slipped below €65 per MWh on Friday but remained near their highest level since January 2023, as the stalemate in the US-Iran conflict muddied the outlook for Gulf LNG supplies. The two sides continued to clash over the Strait of Hormuz, with the conflict entering a new phase of economic pressure. Traders are concerned about Europe’s readiness for the upcoming winter as the maritime blockade has stranded Qatari LNG cargoes, forcing European utilities into more intense and costly competition with Asian buyers for available cargoes. Heatwave-driven demand for cooling is also limiting gas injections into storage. Europe’s storage levels are at just 62%, the lowest seasonal level in records dating back to 2009, leaving the region with limited time to replenish inventories before the heating season begins. Despite this, the European Commission said that gas supplies in the bloc are not immediately at risk. Prices are up more than 5% this week.
