2026.04.1607:07:31UTC+00TTF Prices Hover Near 6-Week Lows

European natural gas futures hovered around €41 per MMBtu on Thursday, holding near their lowest level in more than six weeks as traders assessed the likelihood of an extension to the US-Iran ceasefire. According to reports, the two countries have been engaged in indirect talks to prolong the current two-week truce beyond its April 22 expiry, in order to allow more time for negotiations. The White House described discussions over a possible second round of talks as “ongoing” and “productive.”

Nonetheless, significant uncertainty persists. The Strait of Hormuz—through which roughly one-fifth of global LNG volumes pass—remains heavily constrained, with the US maintaining a blockade on Iranian vessels and Tehran limiting transit for most other traffic through the key waterway. Analysts also pointed out that Qatar’s Ras Laffan complex, the world’s largest LNG facility, is unlikely to be fully operational before August, even if restart activities begin in May.

On the downside for prices, milder weather conditions and stronger output from renewable energy sources are curbing demand, adding further pressure to gas futures.