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European natural gas prices rose further above €64 per MWh on Wednesday, the highest since January 2023, as concerns over a potential winter supply crunch intensified amid a lack of progress on a deal to reopen the Strait of Hormuz. President Donald Trump said that no talks with Iran are currently taking place or scheduled and that the US naval blockade remains in full force. He added that the strait is open and operating, in contrast to Iran’s position that the key waterway will remain closed until Washington meets its conditions. Traffic through the waterway has fallen to a standstill, stranding Qatari LNG tankers and delaying deliveries to Europe. The reduced inflow, combined with summer heatwaves that have boosted demand for gas-fired power generation for cooling, is slowing the seasonal buildup of gas inventories. As a result, traders are increasingly concerned that Europe could enter the winter heating season with insufficient reserves, keeping upward pressure on gas prices.
