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European gas prices have fallen about 17% from last week's peak as hopes for a Middle East peace deal ease risk premiums. EU storage is 74.3% full against a five-year average near 90%, and LNG supply from the Gulf remains constrained.
US Henry Hub futures trade below $3/MMBtu as speculative shorts reach their highest since 2020.
Low European storage and constrained LNG leave the region exposed to a cold winter, which supports European gas prices. US prices are weighed down by a mild-winter bet, with a short-squeeze risk if heating demand surprises.
home.saxoOle HansenNov 4, 2026Not enough comparable past events yet for a historical read.
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.
