🔻Europe’s gas prices rise amid diplomatic deadlock between Iran and the United States over the Strait of Hormuz

Wholesale gas prices in the Netherlands and the United Kingdom have increased; while the lack of progress in talks between the United States and Iran to reopen the Strait of Hormuz, along with concerns about Europe’s gas supply in winter, has put pressure on the market.

Meanwhile in the United States, the Energy Information Administration said that energy companies added 15 billion cubic feet of gas to storage in the week ending August 21; a figure lower than analysts’ forecast of 20 billion cubic feet.

Demand for natural gas from natural liquefied gas export facilities in the United States also reached the highest level since late April on Thursday; after several large facilities in Texas, including Corpus Christi and Freeport LNG, resumed operations following repairs.

S&P Global says that gas production across 48 U.S. states in August averaged 111.4 billion cubic feet per day, which is higher than the monthly record of 110.7 billion cubic feet in July.

JPMorgan analysts also said that, given the likelihood of a very strong El Niño forming, it’s possible this winter will be milder.