TTF Gas Prices Soar on Stalled Hormuz Deal and European Heatwave
European natural gas prices have rebounded strongly from three-week lows as concerns grow that a deal to reopen the Strait of Hormuz has stalled. The TTF (Title Transfer Facility) price rose by around 10% on news that negotiations are back at square one.
A heatwave in Europe is also straining supplies, adding pressure to the market. Tensions remain high in the Middle East after an unnamed tanker reported hearing two explosions off the coast of Oman while transiting the Strait of Hormuz.