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EUROPE GAS-Dutch gas prices edge lower as US moves to open the Strait of Hormuz

ReutersMay 5, 2026 8:39 AM
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  • US acts to reopen Strait of Hormuz
  • Reports of tankers hit by projectiles highlight ongoing regional risks
  • British gas demand seen rising due to low wind power output, LSEG data shows

- European gas prices edged lower on Tuesday morning as the U.S. tried to weaken Iran's control over the Strait of Hormuz, and as investors sought clarity over the status of the shipping lane.

The benchmark Dutch front-month contract at the TTF hub TFMBMc1 was down 0.323 euro at 47.82 euros per megawatt hour (MWh), or around $16.39/mmBtu, as of 0820 GMT, ICE data showed.

The U.S. on Monday launched a new operation aimed at reopening the strait to shipping. Maersk MAERSKb.CO later said the Alliance Fairfax, a U.S.-flagged vehicle carrier, exited the Gulf via the strait accompanied by the U.S. military.

“Signs the U.S. Navy is loosening Iran's grip on the Strait of Hormuz, potentially opening up supply from the Middle East, tend to exert downward pressure,” analysts at Engie EnergyScan said.

Prior to the conflict, roughly a fifth of the world's LNG supply passed through the strait. A truce in the region remains fragile, with reports of tankers being hit by projectiles.

“As long as there is no peace agreement between the United States and Iran, it will be difficult for the market to adopt a decidedly bearish momentum,” the Engie EnergyScan analysts said.

The British June contract NGLNMc1 was up 5.30 pence at 117.24 pence per therm, ICE data showed.

In Britain, gas demand was expected to rise amid low wind power output. Gas for power demand was anticipated to jump 10 million cubic metres a day to 48 mcm/d, LSEG data showed.

In the European carbon market, the benchmark contract CFI2Zc1 was up 0.62 euro at 73.66 euros a metric ton.

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