With the prospects for US-Iran negotiations remaining bleak, European natural gas prices remain stubbornly high, posing a severe supply challenge for the upcoming winter.

(1) US President Trump downplayed the possibility of immediate negotiations between the US and Iran. As a result, European natural gas prices remain near their highest levels in nearly four months.(2) Market focus continues to center on whether Europe can secure enough natural gas to replenish inventories before winter arrives. At the same time, natural gas shipping through the Strait of Hormuz remains restricted, further exacerbating supply concerns.(3) Equinor CFO Torgrim Reitan stated that the European natural gas market remains in a "fragile state," and there is a high degree of uncertainty regarding the outlook for energy at the start of winter.