finance
Europe Gas Storage Lags as Strait of Hormuz Remains Closed
European gas inventories finished last winter below normal levels. Traders delayed refilling storage facilities while awaiting a resumption of exports through the Strait of Hormuz. The strait has stayed closed longer than expected despite ongoing diplomatic talks between the United States and Iran.
May 26, 11:42 AM·1m read1 source
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Europe’s gas inventories ended last winter below normal and the storage deficit has widened since then as traders have deferred refilling in the hope a quick resumption of exports through the Strait of Hormuz. The Strait has remained closed much longer than anticipated, despite repeated assurances that diplomatic negotiations between the United States and Iran are making progress.
In response, Europe’s benchmark futures prices are trending upward again as the time window for rebuilding inventories ahead of next winter gets shorter.
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