Commodities
European Gas Prices Plummet 8% on US-Iran Fighting Pause
The European wholesale natural gas price fell sharply on Monday due to hopes that a pause in fighting between the US and Iran could pave the way for restored flows of liquefied natural gas.
According to United States Natural Gas Fund LP ETF, the Benchmark European TTF gas price plunged 8% on the news, mirroring a steep selloff in crude oil markets.
The pause in fighting between the US and Iran has raised hopes for renewed diplomatic efforts, which could lead to restored flows of liquefied natural gas. The European wholesale natural gas price fell sharply on Monday as investors reacted positively to this development.