Oil and natural gas prices have been trending downward in recent hours, as fresh diplomatic efforts raise hopes for a de-escalation of hostilities between the US and Iran in the Middle East. More specifically, Brent crude oil fell below $115 per barrel in Tuesday’s (27/10) trading session.
Meanwhile, European natural gas prices dropped below €95/MWh on Tuesday (27/10), buoyed by hopes of a resolution to the Middle East conflict, although prices remained near multi-year highs amid ongoing concerns over winter supply.
How oil and natural gas prices are moving
European natural gas storage levels currently stand at 74.92% capacity — the lowest seasonal level ever recorded — while Germany’s reserves sit at 61.65%. Replenishment could prove increasingly difficult as temperatures are forecast to drop across the continent, potentially driving up heating demand in the days ahead.
