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European gas prices decline as tankers pass through the Strait of Hormuz successfully
European natural gas prices declined during today's trading session, following the successful passage of LNG carriers through the Strait of Hormuz despite the military escalation in the region. The benchmark price for contracts delivery next month fell by 2.3% to €48.97 per megawatt-hour, while UK contracts decreased by 2.4% to 117.90 pence per thermal unit. Despite the tensions, shipping data showed that many gas carriers managed to cross the strait without disruptions, and Europe's gas stockpiles remain above the seasonal average.
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