Gas prices extend falls after US, Iran pause attacks
XLE•Other European energy market moves
Fundamentally, gas demand from the power sector is strong amid low wind power output and supply is stable with total Norwegian export nominations flat at 325 million cubic metres/day, LSEG data showed.
In the European carbon market, the benchmark contract CFI2Zc1 inched up by €0.09 to €82.42 euro a metric ton.
European gas prices continue to ease
Dutch and British wholesale gas prices continued to fall on Tuesday morning, after shedding around 9% on Monday, as the pause in attacks between the United States and Iran led to hopes for a resolution to the war.
The benchmark Dutch front-month contract at the TTF hub TFMBMc1 was down €1.313 at €56.94 per megawatt hour (MWh) or around $16.69/mmBtu, by 0819 GMT, ICE data showed.
The contract had already fallen around 9% on Monday after the U.S. and Iran paused strikes over the weekend.
The contract still remains some 75% higher than before the conflict between the U.S. and Iran started at the end of February, which has restricted shipping through the Strait of Hormuz, through which roughly a fifth of the world's LNG typically passes.
Market participants watch Middle East developments
“If some form of a pause or de-escalation is more likely, then 3Q26 prices should average around €46/MWh ($15.5/mmBtu) for TTF,” analysts at Citi said.
The British front-month contract NGLNMc1 was down 3.78 pence at 136.98 pence per therm.
U.S. President Donald Trump said on Monday that Washington was having “good talks” with Iran and that there was the chance of a resolution. However, he said U.S. strikes would resume if negotiations failed while Iran issued similar comments about retaliation.
