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Europe Gas Prices Drop 4%, Paks Plant Shuts, LNG Race

8/5/2026

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Story summary
  • Europe’s natural gas prices fell 4% Monday after U.S. President Donald Trump said he called off a planned attack on Iranian energy sites.
  • Hungary will shut the Paks Nuclear Power Plant on Monday, its first closure in 44 years, after record-low Danube water forced nuclear output cuts in Hungary and Romania.
  • Europe approaches its second-lowest gas storage level for this season in 15 years, spurring a race for winter LNG.