EUROPE GAS-Prices edge up amid continued Hormuz closure, stalled US-Iran talks

ReutersApr 29, 2026 9:09 AM

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Hormuz remains closed with little sign of reopening
Gas demand softening on warmer weather

LONDON, April 29 (Reuters) - Dutch and British wholesale gas prices edged up on Wednesday morning as the market remains focused on the closure of the Strait of Hormuz, with little progress in ending the Iran war.

The benchmark Dutch front-month contract at the TTF hub TFMBMc1 was up 1.11 euros to 44.70 euros per megawatt hour (MWh), or $15.32/mmBtu, at 0846 GMT, ICE data showed.

The British front-month contract NGLNMc1 was up 2.34 pence at 110.75 pence per therm.

Efforts to end the Iran conflict were at an impasse on Tuesday with U.S. President Donald Trump unhappy with the latest proposal from Tehran, which he said had informed the U.S. it was in a "state of collapse" and figuring out its leadership situation.

With no progress on potential peace talks, fundamental signals continue to drive European gas markets, said LSEG analyst Dzmitry Dauhalevich.

On the day ahead, gas demand for both heating and power generation is expected to adjust lower by a combined 120 gigawatt hours per day, driven by warm and sunny conditions, LSEG data showed.

EU gas storage sites were last 31.97% full, compared with around 38.69% at the same time last year, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract CFI2Zc1 was up 0.22 at 75.33 euros a metric ton.

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