28.05.202603:32:58UTC+00European Gas Prices Rise

European natural gas futures climbed to about €47.1 per megawatt-hour, retracing the previous session’s losses, as markets reacted to the ongoing absence of a clear resolution to the Middle East conflict despite recent signs of progress. Iranian media had reported advances on a draft agreement to end the war, but the White House subsequently rejected these claims as “a complete fabrication.”

A potential deal between the parties could lead to the reopening of the Strait of Hormuz, which has been effectively closed for about three months. The prolonged disruption has intensified concerns that Europe may struggle to rebuild gas inventories before the winter heating season. Storage sites are currently around 38% full, significantly below the five-year average of more than 50% for this point in the year.

On the demand side, pressures are mounting as Europe faces its first major heatwave of the year, with record temperatures forecast in key cities including London, Paris, and Madrid, likely boosting power consumption for cooling.