European gas prices fall on Hormuz reopening hopes
European gas prices fell 5% as Iran signaled a deal to reopen the Strait of Hormuz. The Dutch TTF contract dropped to 44.79 euros per megawatt hour.
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Netherlands benchmark gas prices fell 5% on May 27 following reports of a potential deal to reopen the Strait of Hormuz. The front-month TTF contract dropped as much as €2.69 to €44.79 per megawatt hour according to ICE data. Restoring shipping through the Strait of Hormuz would ease supply constraints for European energy markets.
