European natural gas prices fall by up to 9 percent on Monday, dipping below 58 euros

European natural gas prices fell sharply on Monday, 27 July 2026, as the geopolitical risk premium was cut back. Dutch TTF benchmark contracts dropped by close to 9 percent in early trading, and the nearest expiring contract, down as much as 8.5 percent, briefly traded below 58 euros per megawatt hour.

The move followed signals from Iranian officials of a conditional halt to attacks on commercial shipping and a simultaneous fall in crude oil prices. The easing of tensions strengthened expectations of smoother LNG cargo traffic and reduced the perceived risk of large scale rerouting of supply towards Asia.

The underlying picture nonetheless remains fragile. European gas storage stands near 54 percent of capacity, below the five year norm, and on current estimates will miss the region's 80 percent refill target before winter. The 30 day average volume of LNG imports into Europe has also been running as much as 23 percent below the five year average.