EUROPE GAS-Prices close lower on easing supply fears

Updates throughout after prices fall in the afternoon

LONDON, Feb 17 (Reuters) - The benchmark front-month Dutch wholesale gas price fell on Monday afternoon on easing supply fears as European leaders met to discuss strategy on any potential peace agreement between Ukraine and Russia.

The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 closed almost 6% lower at 47.72 euros per megawatt hour (MWh) - it closed at the same level on Jan. 20 - while the April contract closed 5.6% lower at 48.05 euros/MWh.

Other contracts also fell. The British month-ahead price closed 4.80 pence lower at 118.04 pence per therm.

The prospect of a potential peace deal bwteen Russia and Ukraine has helped to relieve market concerns about supply, traders said.

European leaders gathered on Monday to agree a unified strategy on any Ukraine peace agreement, while Russian and U.S. officials prepared to meet for their own talks to try to end the conflict.

Meanwhile, U.S. Energy Secretary Chris Wright on Monday called a pledge to achieve net zero carbon emissions by 2050 a "sinister goal" and said say his number one priority was for the government to "get out of the way" of the production of oil, gas and coal.

On Friday, the administration of President Donald Trump said it has granted a license to export liquefied natural gas for Commonwealth LNG in Louisiana, the first approval of exports of the resource, after former President Joe Biden paused them early last year.

The United States became the world's biggest LNG supplier in 2023, ahead of recent leaders Australia and Qatar. It dominated supplies to Europe in 2023 and 2024.