FX.co ★ European Gas Prices Edge Down

European natural gas prices eased to about €42.1 per MWh as progress in US–Iran negotiations reduced perceived supply risks. On Monday, the United States granted a temporary 60‑day licence for Iranian oil sales, following what were described as constructive talks in Switzerland over the weekend. Shipping activity through the Strait of Hormuz also picked up, with several vessels transiting the crucial chokepoint on Monday.

However, the picture remained mixed. Iranian media rejected US assertions that Tehran had agreed to readmit IAEA inspectors or had accepted sanctions relief in exchange for reopening the strait and resuming nuclear inspections. In Europe, worries continued over the bloc’s capacity to rebuild gas stocks ahead of next winter. Storage facilities are currently about 46.4% full, below the five‑year seasonal average of more than 50%, leaving the market exposed—especially as forecasts for hotter weather across Europe were expected to boost demand.