European and British wholesale natural gas prices declined on Friday following several sessions of gains, as traders assessed signs of recovering energy exports from the Middle East alongside continuing geopolitical risks.
The benchmark Dutch front-month gas contract fell 2.77% to €71.90 per megawatt-hour.
In Great Britain, the day-ahead wholesale gas contract declined 3.4% to 180.15 pence per therm.
Saudi Export Flows Resume
The decline came as energy markets assessed developments in regional supply routes amid the continuing U.S.-Iran conflict.
Saudi Arabia has restarted operations on its East-West Pipeline and resumed tanker loadings from the Red Sea port of Yanbu following earlier operational disruptions, according to the supplied information.
The resumption has allowed some regional crude oil and gas-condensate export flows to recover, reducing immediate concerns over supply bottlenecks.
Geopolitical risks remain, however, particularly around maritime transit routes in the Persian Gulf and the potential for further disruption to regional energy infrastructure.
European Gas Storage Remains Below Last Year
European gas storage levels also remain below those recorded at the same point last year, with underground inventories approximately 12 percentage points lower, according to the supplied information.
The difference in storage levels leaves European gas markets exposed to changes in winter demand and global liquefied natural gas supplies.
Further disruptions to LNG shipping or periods of colder weather could affect European supply-demand conditions and wholesale prices, although the timing and extent of any such impact remain uncertain.
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