European Gas Prices Ease

2026-05-27 01:34 By Judith Sib-at 1 min. read

European natural gas prices fell to around €46.8 per megawatt hour on Wednesday, giving up part of the previous session’s sharp gains as investors weighed the prospects of a US-Iran agreement amid renewed hostilities.

Earlier this week, the US and Iran exchanged strikes near the Strait of Hormuz, even as Washington signaled progress toward a potential deal.

The clashes occurred shortly after President Donald Trump said that talks with Tehran on extending the ceasefire and reopening the strategic waterway were advancing, although Secretary of State Marco Rubio cautioned that finalizing an agreement could still take several days.

The near-shutdown of the Strait has disrupted nearly one-fifth of global LNG flows, with the route remaining blocked by both sides.

While most gas from the Persian Gulf goes to Asia, the disruption has tightened global supply and increased competition for cargoes, fueling concerns in Europe as it works to refill storage ahead of next winter.



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European Gas Prices Ease
European natural gas prices fell to around €46.8 per megawatt hour on Wednesday, giving up part of the previous session’s sharp gains as investors weighed the prospects of a US-Iran agreement amid renewed hostilities. Earlier this week, the US and Iran exchanged strikes near the Strait of Hormuz, even as Washington signaled progress toward a potential deal. The clashes occurred shortly after President Donald Trump said that talks with Tehran on extending the ceasefire and reopening the strategic waterway were advancing, although Secretary of State Marco Rubio cautioned that finalizing an agreement could still take several days. The near-shutdown of the Strait has disrupted nearly one-fifth of global LNG flows, with the route remaining blocked by both sides. While most gas from the Persian Gulf goes to Asia, the disruption has tightened global supply and increased competition for cargoes, fueling concerns in Europe as it works to refill storage ahead of next winter.
2026-05-27
TTF Prices Rebound
European natural gas prices rose over 4% to around €47.6 per megawatt hour, rebounding from a two-week low as uncertainty over a Middle East peace deal resurfaced following fresh US military action in the region. Reports indicate that the US conducted “self-defense strikes” targeting Iranian missile launch sites and boats near the Strait of Hormuz. The latest strikes come despite ongoing diplomatic efforts, with President Donald Trump stating that an agreement with Iran is within reach. While most gas exports from the Persian Gulf typically head to Asia, prolonged disruption in the strait would tighten global supply and intensify competition among importing regions. The situation complicate Europe’s efforts to rebuild relatively low gas storage levels ahead of the next winter.
2026-05-26
TTF Prices Slide on Hopes for Middle East Peace
European natural gas prices fell more than 6% to around €45.4 per megawatt hour, their lowest level in two weeks, amid signs of progress toward a US–Iran agreement that could restore energy flows through the Strait of Hormuz. President Donald Trump said on Saturday that a peace deal with Iran was close, although he later advised negotiators not to rush the agreement, adding that the US blockade would remain in place until a final deal is secured. Iran, however, warned that the draft agreement could still fail, accusing the US of continuing to obstruct key clauses, including its request to unfreeze its overseas assets. Meanwhile, exporters in Qatar and the UAE work to deliver fuel to buyers despite the waterway being largely shut down, with three LNG vessels from the Persian Gulf reportedly crossed the Strait in the past days.
2026-05-25