FX.co ★ TTF Prices Fall on Friday, Up More than 13% This Week

European natural gas futures retreated toward €44 per MWh on Friday, erasing earlier gains and snapping a four-day rally, after reports signaled a likely second round of US-Iran talks. Iranian Deputy Foreign Minister Abbas Araghchi was reported to be traveling to Islamabad, fueling hopes of progress in efforts to ease tensions with the United States. Sources familiar with the matter indicated a strong possibility of a breakthrough in negotiations among the countries involved in the dispute.

Since the conflict began in late February, LNG exports from the Persian Gulf have effectively ground to a halt, disrupting around one-fifth of global supply. The disruption has raised serious concerns in Europe, which must rebuild gas inventories ahead of the winter heating season. Despite Friday’s pullback, European natural gas prices remain more than 13% higher for the week.