Commodities
Home›Commodities›Energy›European gas rises as Hormuz talks remain in focus
European gas rises as Hormuz talks remain in focus
Qatar extended force majeure on LNG shipments to Asia and Europe by another month as disruptions persisted in the Strait of Hormuz.
European natural gas prices moved higher alongside oil as traders waited for further steps to revive shipping through the Strait of Hormuz, where negotiations between Iran and the US have shown limited progress, LiveMint Markets reported. Benchmark futures rose in a choppy session as Iran and the US remained far apart on a new ceasefire deal or the reopening of the waterway.
Iran said it would stick to a proposal that President Donald Trump has rejected, while Trump indicated negotiations could resume this week, according to the report. Iran is expected to meet mediators on Monday, the semi-official Iranian Students’ News Agency said.
As disruptions in the critical waterway continued, Qatar extended force majeure on LNG shipments to Asia and Europe by another month, the article said. The report also noted that Europe is running out of time to rebuild unusually low gas inventories ahead of the heating season.
The outlet added that around a fifth of the world’s LNG transits Hormuz and that the prolonged disruption could drive tougher competition among global LNG buyers, while the European Union warned member states to consider measures to cut demand to avoid a potential energy price crisis.
Latest closeNat gas $3.251 ▼1.4%