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Europe Gas: Prices ease ahead of Trump-Putin phone call

Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)
Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)
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Europe Gas: Prices ease ahead of Trump-Putin phone call

Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)
Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)

Dutch and British wholesale gas prices eased on Tuesday morning as the market awaited any news on a potential peace deal between Russia and Ukraine but low storage levels remain a concern and weather forecasts are mixed.
The Dutch front-month contract inched down by 0.55 euro to 40.65 euros per megawatt hour (MWh) by 0917 GMT, LSEG data showed.
The Dutch May contract was down 0.68 euro at 40.57 euros/MWh, while the day-ahead contract eased by 0.20 euro to 40.80 euros/MWh, Reuters said.
In Britain, the day-ahead contract was down 1.01 pence at 101.75 pence per therm.
All eyes will be on the outcome of the call between US President Donald Trump and Russian President Vladimir Putin scheduled for 1300-1500 GMT and whether it may lead to a ceasefire in Ukraine, analysts at Energi Danmark said.
"Until then, the market is caught in uncertainty," they added.
Traders holding speculative long positions in the gas market have become nervous that a potential peace deal between Russia and Ukraine could see the resumption of some Russian pipeline gas into Europe, analysts at ING said in a note.
Meanwhile, fresh tensions in the Middle East, with new Israeli air strikes on Gaza, could provide some bullish market sentiment, said LSEG analyst Yuriy Onyshkiv.
"Later this week, warmer temperatures are expected but the long-term view still forecasts below seasonal normal levels which may continue to pressure gas storages," consultancy Auxilione said in its daily market report.
EU gas storage sites were last seen 34.84% full, compared with nearly 60% seen at the same time last year, data from Gas Infrastructure Europe showed.
In the European carbon market, the benchmark contract edged down by 0.12 euro to 69.99 euros a metric ton.

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US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
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US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)

US Treasury Secretary Scott Bessent on Sunday reported "substantial progress" in US talks with China's top economic officials to de-escalate a damaging trade war, but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.
Bessent told reporters that details would be announced on Monday and that US President Donald Trump was fully aware of the results of the "productive talks."
US Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion US global goods trade deficit.
"And this was, as the Secretary pointed out, a very constructive two days. It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said, adding that the Chinese officials were "tough negotiators"
The meeting was the first face-to-face interaction between Bessent, Greer and He since the world's two largest economies imposed tariffs well above 100% on each other's goods.
Although Bessent has said the bilateral tariffs were too high and needed to come down in a de-escalation move, he did not offer any details of reductions agreed and took no questions from reporters, Reuters said.
Earlier, White House economic adviser Kevin Hassett said the Chinese were "very, very eager" to engage in discussions and rebalance trade relations with the United States.
Hassett also told Fox News that more foreign trade deals could be coming with other countries as soon as this week.
Overnight, Trump gave a positive reading of the talks, saying the two sides had negotiated "a total reset... in a friendly, but constructive, manner."
"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform.
"We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!," Trump added, without elaborating on the progress.
Speaking on "Sunday Morning Futures" on Fox News with Maria Bartiromo, Hassett said Beijing is eager to re-set trade relations with the United States.
"It looks like the Chinese are very, very eager to play ball and to re-normalize things," Hassett said.
Hassett also said more trade deal announcements could be imminent following last week's announcement of an agreement with the United Kingdom. He said he had been briefed by Commerce Secretary Howard Lutnick on two dozen pending deals in development with USTR Greer.
"They all look a little bit like the UK deal but each one is bespoke," Hassett said.
GATED VILLA
The negotiating teams met at the gated villa of Switzerland's UN ambassador, overlooking Lake Geneva in the leafy suburb of Cologny. Black Mercedes vans with sirens shuttled to and from the venue, which was bathed in bright sunshine.
Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the United States.
Washington is seeking to reduce its $295 billion goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms.