Ongoing severe drought and record-low water levels on the Danube, driven by prolonged heatwaves and minimal precipitation across Central and Eastern Europe, underpin current trader consensus favoring normalization between mid-September and October 2026. Gauges in Hungary and Romania have hit multi-decade lows, disrupting navigation, hydropower, and cooling for nuclear facilities, with no immediate turnaround signaled in short-term forecasts. The tight spread among September and October windows reflects uncertainty over rainfall timing and volume, as brief precipitation may offer only temporary relief while sustained recovery hinges on broader seasonal shifts or Alpine inflows. Continued dry conditions or delayed rains could extend the timeline past November, whereas early heavy precipitation events might accelerate a rebound before mid-September.