Oil & Energy
EMEA Natural Gas Update: Futures Mixed Amid Lingering Uncertainties in US-Iran Military Conflict
European natural gas futures were mixed on Wednesday amid lingering geopolitical uncertainties in the Middle East, with US President Donald Trump extending the ceasefire against Iran, while continuing to maintain a naval blockade against the country.The front-month Dutch TTF futures price was up 0.39% to 42.09 euros per megawatt hour ($49.49), while UK NBP futures were down 0.05% to 105.07 British pence per therm ($1.42).In a Truth Social post on Tuesday, Trump said he was extending the two-week-long ceasefire that was nearing expiration until such time that Iran's "proposal is submitted, and discussions are concluded," while directing the US military to continue to blockade.The White House has said that US Vice President J.D. Vance won't be visiting Pakistan for the second round of peace talks that was scheduled for Tuesday, according to the Hindustan Times, citing an official with knowledge of the matter.Meanwhile, Iran has said that it has not requested a ceasefire, according to Tasnim News Agency, while the country's envoy to the UN, Saeed Iravani, has signaled that Tehran would be open to talks if the US were to lift its blockade against the country."We have received some signs that the US is ready to break [the naval blockade,] and as soon as they do, I think the next round of negotiations will take place in Islamabad," he said.The Strait of Hormuz continued to remain effectively closed for the eighth week running, but is seeing an uptick in traffic, with 16 vessels transiting through it over the past 24 hours, according to the Hormuz Strait Monitor.This comes at a time when European natural gas inventories remain depleted, at 30.61% of capacity, compared with 37.04% during the corresponding period a year ago, according to Gas Infrastructure Europe.