European natural gas prices were at €50 per megawatt hour in May, remaining relatively close to their highest level in six months on fresh skepticism that the US would reach an imminent agreement with Iran to restore energy exports out of the Persian Gulf.

Hawkish rhetoric from Iranian officials weighed against Washington’s signal that both countries were close to agreeing on a deal.

The developments maintained the loose halt in exports from major GCC producers since March amid the naval blockade for tankers crossing the Strait of Hormuz, removing a key source of LNG supply for Asia and Europe.

Meanwhile, gas sources from Norway were higher to weigh against shortages elsewhere.

Maintenance in the Troll field eased and Norwegian exports rose early 40% to 260 million cubic meters per day.
Source: Trading Economics