European benchmark natural gas prices fell to their lowest level in a week on Monday (July 22), after the US export facility Freeport LNG partially resumed operations after being shut down earlier this month due to Hurricane Beryl.

Dutch TTF natural gas futures, the benchmark for European natural gas trading, fell more than 3% on Monday to 31.11 euros per megawatt hour.

Last week, the interruption of liquefied natural gas supply in free ports and the heatwave sweeping across most parts of Europe pushed up natural gas prices in Europe.

At the beginning of this week, supply concerns weakened and TTF prices fell in Monday's trading.

According to ICIS cargo tracking data cited by Tom Marzec Manser, head of natural gas analysis at ICIS, the Axios II liquefied natural gas ship has arrived at Freeport, indicating that US export factories have resumed operations.

The last time the Free Port liquefied natural gas was loaded was on July 5th, and it was closed before Hurricane Beryl made landfall.

The latest developments in liquefied natural gas supply and European gas prices indicate that European benchmark prices are susceptible to supply disruptions.

The situation was similar in early June, when the supply to a Norwegian offshore pipeline connection center suddenly interrupted, driving European gas prices to their highest level in six months.

After Hurricane Beryl made landfall in Texas in early July, it is said that the Freeport liquefied natural gas export facility cancelled at least 10 shipments.

Florence Schmit, energy strategist at Rabobank, commented on the recent trend of European gas prices on Monday, stating that although there is currently sufficient supply, concerns about insufficient supply are still deeply rooted.

According to data from European natural gas infrastructure companies, as of July 20th, the natural gas storage sites in Europe have reached 82.5% capacity.

Analysts say that based on current supply and demand dynamics, the EU will easily fill its storage capacity before the winter heating season arrives.