European gas prices steady post-Trump
Natural gas prices in Europe remained stable following US President Donald Trump's statements ruling out a prolonged military intervention in the Middle East. This caused futures prices to decline after previously rising by 10% in earlier sessions. The Dutch month-ahead contracts fell by 1.1% to €72.82 per megawatt-hour, as temporary fears eased. Trump confirmed that any strikes would be short-term and sought to realign diplomatic negotiations in energy markets, amid a U.S. escalation to control the Strait of Hormuz following recent tensions that had driven prices higher. European Union gas inventories dropped to 65% of capacity by the end of August, compared to an average of 82% over the past five years, raising concerns about increasing demand as winter approaches. Europe is also facing supply challenges due to outages at Norwegian terminals, with ongoing discussions on storage strategies and alternative supply options to prevent shortages during the peak consumption season.
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