2026-03-10 07:45:00
EUROPEAN GAS PRICES DOWN
BLOOMBERG - March 10, 2026 - European natural gas dropped after US President Donald Trump predicted the Iran war will end soon, as he faces mounting pressure over how the conflict has upended energy markets.
Benchmark futures fell as much as 17%, the biggest intraday decline since 2023, while oil also dipped. Trump said he didn’t believe the conflict would be over this week, but insisted the operation was ahead of schedule and could be resolved “very soon.”
Trump’s words offer some relief to energy markets, but they “will only go so far,” ING Groep NV strategists Warren Patterson and Ewa Manthey wrote in a note. Flows through the strategic Strait of Hormuz will need to resume to sustain a move lower in prices, they said.
Trump also said he would have the US Navy escort tankers through the Hormuz. Separately, French President Emmanuel Macron suggested a joint maritime mission to protect ships in the crucial waterway once the initial phase of the war has calmed down.
The strait is used to handle about a fifth of global liquefied natural gas flows, mainly from the world’s biggest plant in Qatar, which has been shut since last week. While Iran has repeatedly said the route is open, its traffic has largely halted since the conflict started.
Attacks in the region haven’t abated so far, with several Middle Eastern countries announcing missile threats, sounding sirens or intercepting drones on Tuesday.
The conflict, now in its second week, upended global oil and gas trade, threatening the worst supply shock to the market since Russia’s invasion of Ukraine in 2022. For European gas, the situation is critical as the region’s fuel reserves are unusually low and it needs to import large volumes of fuel this summer to refill its tanks before next winter.
Several LNG vessels have already diverted toward Asia, where buyers normally lean more heavily on Middle Eastern supplies and are now rushing for alternatives.
LNG flows “will be competed for tooth and nail, a contest that is likely to remain fierce until some kind of stability returns to the Gulf region,” Ben Samuel, energy markets analyst at Marex, said in a note.
Dutch front-month futures, Europe’s gas benchmark, traded 15% lower at €47.99 a megawatt-hour by 8:41 a.m. in Amsterdam.
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Earlier:
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