European gas slides as LNG shipping flows defy Middle East tensions

AI Summary

European wholesale natural gas prices decreased as LNG tankers continue to navigate the Strait of Hormuz despite escalating Middle East tensions. This stability in LNG shipping flows helped alleviate fears of a major supply disruption amid regional military hostilities.

European wholesale natural gas prices declined on Friday as fresh shipping data revealed that liquefied natural gas (LNG) tankers are successfully navigating the Strait of Hormuz, allaying fears of an immediate, catastrophic supply cutoff despite escalating regional military hostilities. The benchmark front-month Dutch contract fell 2.3% to 48.97 euros per megawatt-hour (MWh), cooling off after ...