European natural gas prices hovered around €69 per megawatt-hour, a one-month low, and were on track for a modest monthly decline after rising about 60% in the third quarter. Traders continue to monitor Europe’s winter supply outlook as storage facilities remain about 71% full, below the five-year seasonal average of 87%, while Germany’s sites were just above 57%. Disruptions linked to difficulties navigating the Strait of Hormuz continue to threaten LNG shipments into Europe. QatarEnergy has extended force majeure on LNG supplies to Italy’s Edison until December, and Pakistan’s supply arrangements have been extended into November. Softer Chinese LNG demand, with imports set to fall for a second consecutive month, has eased some pressure on the global market, although Europe is still competing for replacement cargoes at elevated prices. Earlier disruption-driven gains had pushed European and Asian gas prices to their highest levels since the 2022-2023 energy crisis, increasing risks for household bills, industrial costs and euro-area inflation.