Prices of EUROPE GAS remain stable as LNG trapped in the Hormuz Strait remains behind.

Dutch and British gas contracts saw small gains Thursday morning as the optimism over a 'quick resumption of LNG shipments through the Strait of Hormuz following the U.S.Iran ceasefire faded.

Intercontinental Exchange data showed that the benchmark Dutch front-month contract for the TTF hub had increased by 1.03 euros to 46.33 euros per Megawatt Hour (MWh) at 0833 GMT.

The British contract in April rose 2.92 pence to 117.17 pence a?therm.

Saku Jussila, LSEG's analyst, said: "We expect a small upward revision today following yesterday's bearishness."

Prices dropped'sharply' on Wednesday, on the hope that a ceasefire between the U.S., its ally Israel, and Iran would jumpstart trapped LNG shipments via Strait of Hormuz.

Jussila stated that no LNG-laden tankers have yet passed through the Strait.

In a recent note, ING Research analysts said that optimism over the ceasefire had faded since Tehran claimed several terms of 'the agreement' were violated.

On Wednesday, shippers said that they wanted more information on the terms of a ceasefire before returning to transit the Strait of Hormuz. Iran claimed the waterway was still closed for vessels without a license.

Donald Trump, the U.S. president, has also vowed that he will keep military assets in?the Middle East? until a deal is reached with Iran and warned against a major escalation of fighting if Iran does not comply.

Jussila, LSEG, said that on a'more positive' note, QatarEnergy, the dominant LNG exporter in the region, was preparing 'to restart'some of its 'LNG production which was shut down during the crisis.

Israel's Energy Ministry also stated that it had instructed Energean, following the ceasefire between Israel and Iran, to resume operations at the Karish Natural Gas Platform off Israel's Mediterranean coast.

Gas Infrastructure Europe's data shows that EU gas storage sites are currently 28.8% full. This is up from the 27.7% attained at the end of winter season, on March 31. However, this figure is still below the 35% at the same point last year.

The benchmark contract on the European carbon markets was up by 0.19 euros at 71.86 euro per metric ton. (Reporting and editing by Ronojoy Mazumdar; Nora Buli)

(source: Reuters)