EMEA Natural Gas Update: Futures Rally Amid Latest US Attacks Against Iran, US Naval Blockade
European natural gas futures were up on Wednesday, hovering near their highest levels in over three months, as tensions continued to mount in the Middle East and intensified supply constraints. The front-month Dutch TTF contract rose 4.18% to 55.175 euros ($63.03) per megawatt-hour, while the UK front-month NBP contract gained 4.27% to 133.620 British pence ($1.79) per therm. US Central Command said in a post on X on Wednesday that it had conducted another "round of strikes against Iran," targeting coastal defense systems and cruise missile storage and launch sites located on the Greater Tunb Island, to weaken Tehran's ability to target commercial ships along the Strait of Hormuz. In a Truth Social post, US President Donald Trump warned that Iran was headed towards "total destruction," while noting that the Strait of Hormuz was open to all ship traffic, besides Iran. Trump also said that he was replacing the 20% US reimbursement fee, which he had floated earlier this week, in favor of trade and investment deals with various Gulf states. Despite the escalation, traffic along the strait, which usually accounts for one-fifth of global LNG flows, remained elevated, with a total.
European natural gas futures were up on Wednesday, hovering near their highest levels in over three months, as tensions continued to mount in the Middle East and intensified supply constraints.
The front-month Dutch TTF contract rose 4.18% to 55.175 euros ($63.03) per megawatt-hour, while the UK front-month NBP contract gained 4.27% to 133.620 British pence ($1.79) per therm.
US Central Command said in a post on X on Wednesday that it had conducted another "round of strikes against Iran," targeting coastal defense systems and cruise missile storage and launch sites located on the Greater Tunb Island, to weaken Tehran's ability to target commercial ships along the Strait of Hormuz.
In a Truth Social post, US President Donald Trump warned that Iran was headed towards "total destruction," while noting that the Strait of Hormuz was open to all ship traffic, besides Iran.
Trump also said that he was replacing the 20% US reimbursement fee, which he had floated earlier this week, in favor of trade and investment deals with various Gulf states.
Despite the escalation, traffic along the strait, which usually accounts for one-fifth of global LNG flows, remained elevated, with a total.