EUROPE GAS-Prices Edge Lower for 3nd Session Ukraine Peace Prospects Dominate

Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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EUROPE GAS-Prices Edge Lower for 3nd Session Ukraine Peace Prospects Dominate

Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dutch and British wholesale gas prices on Thursday extended their decline from Tuesday's two-year high as the market watched for further developments on efforts by US President Donald Trump to end the war in Ukraine.

The benchmark front-month contract at the Dutch TTF hub was down 2.85 euros at 53.05 euros per megawatt hour (MWh), or $16.21/mmBtu, by 1003 GMT, LSEG data showed.

The contract remained well below an intra-day high of 59.27 euros/MWh reached on Tuesday, its highest level since February 2023.

The Dutch April contract was down 2.99 euros at 52.93 euros/MWh.

In Britain, the front-month contract was down 3.76 pence at 129.09 p/therm, Reuters reported.

The unilateral peace talks started by president Trump yesterday should bring some relief to markets because they decreases the chance of large-scale disruptions, said Klaas Dozeman, market analyst at Brainchild Commodity Intelligence.

Dozeman added, however, that it is unclear what role gas might play in any future scenario.

US President Donald Trump spoke directly to Russian President Vladimir Putin and announced the start of negotiations.

Further price pressure came from a push by several EU member states to lower gas storage targets, as well as the prospect of warmer weather, a trading source said.

EU gas storage sites are currently 47.24% full after cold weather and reduced Russian supplies triggered a faster drawdown of stocks, Gas Infrastructure Europe data shows.

"It has become increasingly likely that cold weather will end in Western-Europe after Feb 19. Instead a mix of spring and autumn will conquer the continent with temperatures well above norms and ample sun and/or wind," Dozeman said.

In the European carbon market, the benchmark contract was down 1.52 euros at 81.07 euros a metric ton.



Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)

The Istanbul stock exchange's main index was hit hard on Friday, closing 7.8 percent down on the third day of protests over the arrest of Istanbul mayor Ekrem Imamoglu.

The 53-year-old mayor -- Erdogan's main political rival -- was arrested on Wednesday, days before he was due to be named the CHP party's candidate for the 2028 presidential race.

The BIST 100 had already slipped by 8.7 percent on Wednesday following Imamoglu's arrest over allegations of "corruption" and links to a "terrorist organization".

The damage was limited to a fall of 0.5 percent on Thursday, but faced with a sharp fall on Friday, trading was suspended twice in the morning.

The index fell below 9,000 points during Friday trading for the first time since early November, a fall of more than 16.5 percent over five days.

Imamoglu's party has denounced his arrest as a "coup" and international organizations including the European Union have expressed concern.

It has also sparked street protests, which President Recep Tayyip Erdogan on Friday denounced as "street terror".