European natural gas prices fell below €65 per megawatt-hour on Friday but remained near their highest level since January 2023, after rising more than 5% this week. Uncertainty over Gulf liquefied natural gas supplies, clashes around the Strait of Hormuz and stranded Qatari cargoes have intensified competition between European utilities and Asian buyers. Heatwave-driven cooling demand is also slowing storage injections. EU gas storage is 62% full, the lowest seasonal level in records dating to 2009 and below 74% at the same time last year, although the European Commission said supplies face no immediate risk.