OSLO: Europe’s benchmark natural gas contract fell around 5 percent on Wednesday afternoon after Iran said a draft US peace deal would lead to the reopening of shipping via the Strait of Hormuz.
The benchmark Dutch front-month contract at the TTF hub fell as much as €2.69 to €44.79 per megawatt hour (MWh), ICE data showed.
It traded slightly firmer again at €45.28/MWh by 1234 GMT.
Iran’s state TV said Tehran had obtained a draft of an initial unofficial framework for a memorandum of understanding with the United States under which Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels.
Europe benchmark gas contract falls on Hormuz re-opening hopes
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Europe benchmark gas contract falls on Hormuz re-opening hopes
- It traded slightly firmer again at €45.28/MWh by 1234 GMT.
