European natural gas prices fluctuated as traders awaited new developments regarding the Middle East ceasefire situation and the resumption of shipping through the Strait of Hormuz.

The benchmark futures contract for November remained around 70 euros per megawatt-hour.

In the previous trading session, the contract fell 5%, dropping to its lowest level in about a month.

The decline was partly driven by traders rolling positions to avoid risk, though some market participants believed Tuesday's drop was excessive given the absence of new fundamental drivers.

Shipping through the Strait of Hormuz has been almost entirely disrupted, blocking the flow of roughly one-fifth of the world's natural gas, forcing Europe to compete with other buyers for liquefied natural gas supplies.

With countries rushing to replenish inventories before winter arrives, natural gas prices need to remain at elevated levels to attract more LNG cargoes into the region.