European Natural Gas Rises to €81.69 Per MWh on September 17, Up 2.04 Percent as Hormuz Disruptions and Low Storage Levels Maintain Upward Pressure

European natural gas prices rose to €81.69 per megawatt-hour on September 17, up 2.04 percent from the previous day and 152.12 percent year-over-year, according to Trading Economics. The price remained close to its highest level since late 2022. The Strait of Hormuz remains effectively closed to most commercial traffic amid ongoing military conflict, while diplomatic efforts to secure its reopening have stalled. LNG tanker traffic through the Strait has fallen sharply, tightening global supplies and intensifying competition with Asia and other buyers for available cargoes. Meanwhile, ongoing maintenance at Norwegian gas facilities is adding another layer of uncertainty to Europe's winter supply balance. Europe's gas storage levels stand at around 68 percent of capacity, still below the seasonal average at a time when inventories would typically be close to maximum capacity. The combination of persistently restricted Hormuz traffic, below-normal storage ahead of winter, and continued uncertainty around Norwegian maintenance creates a structurally tight supply picture for Europe. The Strait disruption has lasted more than six months with only minimal transits—IMF PortWatch recorded 8 transits on September 13 against a pre-crisis baseline of 85 per day—leaving Europe dependent on alternative LNG sources at a time when global competition for non-Gulf cargoes is intense. The 152 percent year-over-year price increase reflects the sustained nature of the disruption rather than a transient spike, and with winter demand season approaching while storage sits below historical norms, the risk of further upward price pressure remains elevated.