European gas slides as LNG shipping flows defy Middle East tensions in General Energy News 11/07/2026 European wholesale natural gas prices declined on Friday as fresh shipping data revealed that liquefied natural gas (LNG) tankers are successfully navigating the Strait of Hormuz, allaying fears of an immediate, catastrophic supply cutoff despite escalating regional military hostilities. The benchmark front-month Dutch contract fell 2.3% to 48.97 euros per megawatt-hour (MWh), cooling off after a 6% spike earlier in the week. In the UK, the equivalent British front-month contract slipped 2.4% to 117.90 pence per therm. Despite Friday’s intraday retreat, both benchmarks remained firmly on course to log their second consecutive week of cumulative gains, fueled by the severe injection of geopolitical risk into energy markets over the last ten days. Shipping data calms the market The morning downturn came even as geopolitical tensions remained red-hot following a violent exchange of airstrikes between U.S. forces and Iran. The collapse of the June 17 ceasefire has largely placed Iran in physical control of the critical maritime chokepoint, keeping oil markets on edge. However, gas traders found immediate relief in real-time satellite tracking and ship-broking data. Several loaded LNG carriers from Qatari export terminals successfully crossed the Strait of Hormuz over the last 24 hours without operational disruptions. While Iran has stepped up naval patrols and communications checks in the waterway, it has stopped short of completely halting merchant shipping traffic, preventing the worst-case supply disruption that options markets had begun pricing in. High inventories soften the blow Providing an additional layer of insulation against the Middle East shock is Europe’s robust domestic inventory. Eurozone gas storage sites are currently sitting comfortably above seasonal averages for July, blunting the impact of short-term geopolitical volatility. A prolonged standoff or