European Gas Prices Rally on U.S.-Iran Stalemate

AI Summary

European benchmark natural gas prices rose about 2% as U.S.-Iran negotiations stalled over conditions for reopening the Strait of Hormuz. Traders are concerned that LNG supplies through the strait could be disrupted, reversing some of last week's price decline.

Europe’s benchmark natural gas prices rose by 2% in early trade in Amsterdam on Monday, as the United States and Iran are again locked in a stalemate over negotiations and conditions for reopening of the Strait of Hormuz. The front-month futures of the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, were up by 2.15% at $83.76 (73.62 euros) as of 7:15 a.m. Amsterdam time on Monday, after falling last week by about 9%. The new move higher was triggered by growing concerns that LNG supply out of the Strait…