EUROPE GAS - European prices flat as market monitors US - Iran peace talks
The market was waiting for further developments in the Strait of Hormuz.
ICE data shows that the benchmark Dutch 'front-month contract' at?the TTF Hub was flat?at EUR40.90 / megawatt hour (MWh), or $13.63/mmBtu by 0829 GMT.
The British June contract rose 0.30 pence to 97.48 cents per therm.
"We expect TTF to trade sideways today due to a lack of new geopolitical events and a stable outlook", said LSEG Analyst?YuriyOnyshkiv.
He added that the supply remains stable, as both Norwegian pipeline flows, and LNG imports, are expected to hold at high levels. Meanwhile, demand is predicted to remain unchanged over the next few months. Analysts at Mind Energy say that for every day the peace talks between the U.S.and?Iran go well, the market is likely to be negatively affected, as it has been uncertain how long this truce will last. In a closed-door meeting on Wednesday with Republican colleagues, U.S. president Donald Trump was criticized for his handling of the Iran conflict. This came just before the administration requested tens or billions of dollars from Congress to fund the war.
The Senate, however, voted by a margin of?50 against?47 in order to block the resolution that called for an end to hostilities between Iran and Israel.
LSEG data show that wind power is expected to rebound in Germany this Friday. It will rise by?2.1 gigawatts, to 6.1 GW. In France, production of 5.5 GW nuclear?power was curtailed due to high river temperatures.
The benchmark CFI2Zc1 contract on the European carbon markets rose EUR0.29, to EUR81.07 per metric ton. Reporting by Forrest Crellin, Editing by Harikrishnan Nair
(source: Reuters)
