Dutch TTF gas prices climbed 2.7% to $96.85 per MWh as geopolitical tensions in the Strait of Hormuz offset recent selloffs, with EU storage levels remaining tight at 72% capacity as of November 10.
Front-month TTF rose 2.7% to $96.85 (87 euros) per MWh on Wednesday, rebounding from a one-month low of $91.30, as Iran peace optimism faded and tanker attacks continued in the Strait of Hormuz. Europe's supply position remains vulnerable: LNG flows via Hormuz are below pre-war levels, QatarEnergy extended force majeure until at least end-December 2026, and storage was only 72% full on November 10 versus the five-year average. Countervailing: prices remain well below the four-year high of 101.82 euros hit in late October.
Brent futures traded at $93.44, up 2.13% (nearly 3% intraday per the headline), as Iran denied any talks with Washington and hope for a peace deal faded with ongoing tanker attacks in the Strait of Hormuz. This follows a steep selloff that had pushed Brent below $90 for the first time since August, so part of the move is a rebound. Offsetting factors include Saudi output jumping 26% to near pre-war levels and a sharp US crude inventory build per API.
European natural gas prices at the Dutch TTF rose 2.7% to $96.85 per MWh on Wednesday, recovering from a one-month low of $91.30. The rebound follows fading optimism regarding a U.S.-Iran peace deal and persistent tanker attacks in the Strait of Hormuz, leaving the market sensitive to supply disruptions.
Traders became less optimistic about a US-Iran peace deal amid continuing tanker attacks in the Strait of Hormuz, and Europe remains short of gas with storage at 72% and LNG deliveries under force majeure until at least end-2026.
Iran denied any talks with Washington and tanker attacks continued in the Strait of Hormuz, dampening peace optimism after Brent had fallen below $90 for the first time since August.