Dutch and British gas prices were flat on Thursday morning as the market waited for further developments in the Strait of Hormuz.
The benchmark Dutch front-month contract at the TTF hub (TFMBMc1) was flat at €40.90 per megawatt hour (MWh) or around $13.63/mmBtu, by 0829 GMT, ICE data showed.
The British June contract (NGLNMc1) was up 0.30 pence at 97.48 pence per therm.
“We expect the TTF day-ahead to trade broadly sideways today, supported by the absence of fresh geopolitical developments and a stable fundamental outlook,” said LSEG analyst Yuriy Onyshkiv.
Supply remains comfortable, with both Norwegian pipeline flows and LNG imports holding at robust levels, while demand is forecast to remain broadly unchanged across the prompt horizon, he added.
For every day that goes right with peace talks between the U.S. and Iran, it is bearish news for the market as there has been a lot of uncertainty about how long the truce would stand, analysts at Mind Energy said.
U.S. President Donald Trump faced pointed criticism over the Iran war in a closed-door meeting with fellow Republicans on Wednesday, shortly before his administration asked Congress for tens of billions of dollars to pay for the conflict.
However, the Senate voted 50 to 47 to block a resolution calling for an end to hostilities with Iran.
Wind power supply is expected to rebound in Germany on Friday, rising 2.1 gigawatts to 6.1 GW, LSEG data showed.
In France, 5.5 GW of nuclear power has faced production curbs due to high river temperatures, which are usually used to cool the plants.
In the European carbon market, the benchmark contract CFI2Zc1 rose €0.29 to €81.07 a metric ton.