European natural gas prices remain above €82 as Hormuz disruption tightens supply

  • Saudi Arabia canceled September crude cargoes to several European refiners.
  • Brent rose 1.6% to $107.39 a barrel, while WTI gained 2.1% to $103.51.
  • Prediction-market odds of crude reaching all-time highs by December 31 rose to 16% from 14%.

European natural gas prices eased after reaching their strongest levels since 2023, with Dutch TTF futures down 0.7% at about €82.80 per megawatt-hour and Britain’s NBP benchmark down 0.7% at 200.10 pence per therm. Storage facilities were about 68% full, below the five-year seasonal average, while Norwegian maintenance and sharply reduced LNG tanker traffic through the Strait of Hormuz constrained supply. Saudi Arabia’s cancellation of September crude cargoes to several European refiners added to oil-market pressure after damage to its East-West pipeline, alongside Libyan field shutdowns and maintenance in Kazakhstan. Brent was reported at $107.39 a barrel, up 1.6%, and WTI at $103.51, up 2.1%; these levels differ from earlier reports of Brent above $113 following the pipeline attack. Prediction-market odds of crude reaching new all-time highs by Dec. 31 rose to 16% from 14%.

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