EUROPE GAS-Prices edge up amid receding hopes for US-Iran peace talks

ReutersApr 28, 2026 8:35 AM

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Market remains focused on Hormuz with little signs of reopening
North-west Europe temperatures set to rise

LONDON, April 28 (Reuters) - Dutch and British wholesale gas prices edged up on Tuesday morning amid receding hopes for peace talks between the United States and Iran and hopes for a resolution to the conflict that has disrupted energy supplies.

The benchmark Dutch front-month contract at the TTF hub TFMBMc1 inched up by 0.30 euros to 44.95 euros per megawatt hour (MWh) by 0815 GMT, ICE data showed.

The British front-month contract NGLNMc1 was up 1.09 pence at 111.88 pence per therm.

A U.S. official told Reuters that President Donald Trump is unhappy with the latest Iranian proposal on resolving the two-month war.

"Market focus remains on the potential reopening of the Strait of Hormuz. No real indication of this is in sight, as the US and Iran are mutually challenging each other’s attempts to set the table for negotiations," said LSEG analyst Dzmitry Dauhalevich.

The conflict has led to the near closure of the Strait of Hormuz through which roughly a fifth of the world's liquefied natural gas (LNG) typically passes, pressuring global gas prices.

An LNG tanker managed by the UAE's ADNOC has crossed the Strait of Hormuz and appears to be near India, ship-tracking data showed on Monday. This is the first loaded LNG tanker to cross the strait since the Iran war started on February 28. ADNOC declined to comment.

Meanwhile, temperatures across north-west Europe are on track for a gradual increase until the end of the week but thereafter they are set to edge down.

EU gas storage sites were last 31.75% full, compared with around 38.42% at the same time last year, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract CFI2Zc1 was up 0.55 at 75.29 euros a metric ton.

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