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European natural gas prices stabilized at €95/MWh after falling more than 8% in the previous session on hopes of a diplomatic breakthrough in the Middle East. US and Iranian signals of willingness to engage in peace talks, and Iran's offer to reopen the Strait of Hormuz under conditions, drove the move.
EU storage stood at 74.56% as of November 2, well below historical averages, and cold forecasts for Northern and Central Europe could prompt early storage withdrawals.
Europe's tight storage and expected heating demand keep a winter risk premium in TTF, so any renewed Hormuz disruption could quickly lift gas prices again. Gas-linked fertiliser and feed costs in Europe remain sensitive to these swings.
tradingview.comNov 3, 2026After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
