European natural gas futures dropped more than 5% toward €48 per MWh on Wednesday, extending the decline from the previous session, tracking broader weakness across energy markets amid hopes that the Middle East conflict may be nearing a resolution.

President Donald Trump suggested that the war could end within two to three weeks; however, traders remain on edge as additional US troops are being deployed to the region and the Strait of Hormuz remains largely closed.

Prices were also weighed down by warmer weather and increased energy output, which eased regional demand.

Last month, European gas prices surged nearly 60%, marking the largest monthly increase since September 2021 amid concerns over deeper supply disruptions, as the war led to the closure of the Strait and the shutdown of the world’s largest LNG facility in Qatar.
Source: Trading Economics