European natural gas prices advanced modestly on Thursday as reduced tanker traffic through the Strait of Hormuz kept supply risks elevated ahead of winter.
Benchmark Dutch front-month futures rose 0.2% to €63.285 per megawatt-hour, according to real-time data, while equivalent British wholesale gas contracts gained 0.7%. The upward movement followed a period of depressed tanker activity through the Persian Gulf shipping corridor, which historically handles roughly one-fifth of global liquefied natural gas (LNG) shipments.
Ongoing security concerns linked to the U.S.-Iran conflict have kept daily vessel counts at single-digit levels, well below pre-conflict baselines. The disruption has stranded multiple Qatari LNG cargoes, tightening regional supply dynamics and reinforcing European storage reliance ahead of peak winter demand.
European Union gas storage levels stood at around 60% of total capacity as of latest data from Gas Infrastructure Europe. Persistent heatwaves across the continent during the summer months increased gas-fired power generation for air conditioning, further depleting inventories. The combination of reduced imports and elevated seasonal demand has kept European gas markets on edge despite the modest price uptick.
The Strait of Hormuz remains a critical chokepoint for LNG flows, with analysts warning that prolonged shipping delays could exacerbate supply tightness in the coming months.
