European gas prices fell 4% as Hungary shut the Paks nuclear plant for the first time in 44 years

According to an OilPrice report on Monday, 3 August 2026 (12 Mordad 1405), European natural gas prices sank by 4% at the start of trading that day. The drop followed US President Donald Trump's announcement that he had called off a planned attack on Iranian energy sites and that talks would begin that week. Dutch TTF natural gas futures, Europe's benchmark contract, fell alongside a 5% slump in oil prices.

European gas pared some of its losses by midday, however, as another heatwave lifted electricity demand. The heat and a lack of rainfall have pushed water levels on the Danube to their lowest in nearly 90 years, forcing Hungary and Romania to curb output at nuclear plants that draw on the river to cool their reactors. Hungarian Prime Minister Peter Magyar said on Sunday, 2 August, that the Paks Nuclear Power Plant would shut down on Monday because of the continued fall in the Danube's water level, the first such shutdown in 44 years.

The same report notes that Qatari cargoes are not yet flowing freely out of the Persian Gulf through the Strait of Hormuz, and that Europe is losing the competition with Asia for spot LNG supply because Asian demand and prices are higher. European gas storage is also heading for its second lowest level for this time of year in 15 years, well below the five year average.