European Natural Gas Prices Plunge 8% as U.S.-Iran Tensions Ease
European natural gas prices dropped 8.6% at the Amsterdam open on Monday after the United States paused strikes on Iran and Tehran signaled a halt to retaliatory attacks across the Middle East, raising hopes of de-escalation. The Dutch TTF Natural Gas Futures fell to $66.29 per MWh from Friday's multi-month high of over $73 per MWh. Oil prices also declined, with Brent Crude falling to $90 per barrel in Asian trade. The market anticipates a diplomatic push to reopen the Strait of Hormuz and restore Qatari LNG flows, which had been disrupted by Houthi blockades and renewed hostilities in mid-July. Despite the price retreat, Europe faces a critical gas storage deficit, heading for the second-lowest level in 15 years, and is racing to secure LNG supplies ahead of winter amid competition with Asia.
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