NATGAS: Gas Summary at European Close: TTF Falls

TTF front month has fallen as markets digest US-Iran negotiations, with Tehran said to be reviewing a US response to its proposal to end hostilities. * TTF OCT 26 down 1.7% at 72.1/MWh * Rubio said that if there is to be a deal with Iran, it would require hard work and time and that Tuesday talks with Iran were positive but not a breakthrough. A senior Iranian official told Reuters that Tehran is reviewing a US response to its proposal to end hostilities but said many differences remain between the two sides. * Iran's General Rezaii: "If the United States does not comply with the seven conditions set by Iran, neither the Strait of Hormuz will be opened, nor will we engage in negotiations Iran has not been in a hurry to negotiate; today, Iran's conditions have been compiled and are currently in the hands of the Qatari and Pakistani parties." * An empty LNG tanker owned by Qatar's Nakilat has made its way through the SoH to the Persian Gulf over the last few days, * Norwegian pipeline supplies to Europe are estimated down at 226.8mcm/d today. Gassco shows total capacity reductions at a peak of 145.8mcm/d today, including the unplanned reduction at Troll, and expect