European natural gas prices dropped to approximately €57 per MWh on Friday, extending losses from the previous session amid signs of improving shipping conditions through the Strait of Hormuz and fresh liquefied natural gas (LNG) arrivals in Europe.

Qatar dispatched its first LNG tanker through the strategic waterway in more than three weeks, raising expectations that exports from one of the world's largest LNG suppliers could gradually resume. The Strait of Hormuz is a critical maritime chokepoint through which a significant portion of global LNG and crude oil shipments transit, and disruptions there typically ripple across global energy markets. Qatar is among the top three LNG exporters globally, and its cargoes have become increasingly important to Europe since the continent sharply reduced reliance on Russian pipeline gas following the 2022 invasion of Ukraine.

Steady LNG deliveries to Northwest Europe, combined with reliable pipeline gas flows from Norway — now the continent's largest pipeline gas supplier — further helped ease near-term supply concerns.

Despite the recent pullback, EU gas prices remain more than 33% higher in July. Renewed US–Iran hostilities disrupted Persian Gulf supplies earlier in the month, while widespread heatwaves across the continent boosted electricity demand for cooling. These combined pressures limited Europe's ability to replenish gas inventories ahead of the upcoming winter heating season.

EU gas storage facilities are currently about 55% full, sitting below the seasonal five-year average and trailing the pace required to comfortably meet pre-winter storage targets before demand from heating begins rising in November. Under EU regulations, member states are generally required to reach 90% storage capacity by November 1 each year.

Source: Trading Economics via Hellenic Shipping News, 31/07/2026