European natural-gas prices fall in early trading, with the benchmark Dutch TTF contract down 1.3% to 44.73 euros a megawatt-hour, but remain up more than 5% on the week. "The reopening of the Strait of Hormuz has reduced the risk of outright supply loss, but LNG shipping flows are recovering much more slowly than crude oil, leaving effective export capacity constrained well into 3Q," ANZ analysts say. At the same time, a strengthening El Niño is emerging as a major demand risk, with hotter weather and weaker hydroelectric generation expected to lift LNG consumption across Asia just as Gulf supply remains restricted. "The collision of delayed LNG trade normalization and stronger Asian demand is likely to intensify competition, leaving Europe vulnerable to lower storage levels and keeping global gas markets structurally tight," the analysts say.(giulia.petroni@wsj.com)