European gas prices are fluctuating, and traders are waiting for new developments in the Middle East cease-fire situation and the resumption of shipping in the Strait of Hormuz. The November benchmark futures price remained around €70/MWH. The contract fell 5% on the previous trading day, falling to a low of about a month. Part of this decline is due to traders moving positions to take refuge, but some market participants believe that Tuesday's decline was too large without additional fundamental drivers. Shipping in the Strait of Hormuz was almost interrupted, and about one-fifth of the world's natural gas circulation was blocked, and Europe needed to compete with other buyers for liquefied natural gas supplies. Countries are replenishing their inventories just before winter sets in, so natural gas prices need to remain high to attract more LNG shipments.

European gas prices are fluctuating, and traders are waiting for new developments in the Middle East cease-fire situation and the resumption of shipping in the Strait of Hormuz. The November benchmark futures price remained around €70/MWH. The contract fell 5% on the previous trading day, falling to a low of about a month. Part of this decline is due to traders moving positions to take refuge, but some market participants believe that Tuesday's decline was too large without additional fundamental drivers. Shipping in the Strait of Hormuz was almost interrupted, and about one-fifth of the world's natural gas circulation was blocked, and Europe needed to compete with other buyers for liquefied natural gas supplies. Countries are replenishing their inventories just before winter sets in, so natural gas prices need to remain high to attract more LNG shipments.