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EMEA Natural Gas Update: Futures Down Amid Middle East Stalemate, US-China Summit

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European natural gas futures were down slightly on Wednesday as the stalemate in the Middle East continued, and markets await the outcome of US President Donald Trump's upcoming visit to China.

The front-month Dutch TTF contract was down 0.39% to 46.50 euros ($54.42) per megawatt-hour, while the UK NBP front-month dropped 0.49% to 114.24 British pence ($1.55) per therm.

With Trump set to meet Chinese President Xi Jinping on Thursday, the markets are awaiting more clarity against the backdrop of trade tensions and a protracted conflict in the Middle East, according to analysts at Engie Energyscan, reported by Baird Maritime.

Meanwhile, Iran's Foreign Minister, Seyyed Abbas Araghchi, said on Tuesday that the country was working on a new set of rules to facilitate safe passage through the Strait of Hormuz, during a meeting with the Deputy Foreign Minister of Norway Andreas Motzfeldt Kravik, according to a report by Tasnim News Agency.

The strategically crucial Strait remained effectively closed for the 11th week running, with just 8 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.

The rally in natural gas prices has been limited as LNG cargoes began emerging from the Persian Gulf, and Qatar asking more ships to begin transiting the Strait with their transponders turned off, according to Daniel Hynes, a senior commodity strategist at ANZ.

However, in an interview with EnergyIntel on Tuesday, Qatar's Energy Minister Saad Sherida al-Kaabi said that even with the Hormuz fully open to flows, it would take a "minimum" of two to three months for the country's LNG exports to return to normal.

This comes at a critical juncture for Europe, as it begins refilling natural gas inventories at significantly depleted levels, of just 35.6% of capacity, compared to the five-year average of 48.1%, according to data compiled by the Swiss Federal Office of Energy.

The European Union's LNG imports hit a record high of 146 billion cubic meters in 2025, according to a report by the bloc's Agency for the Cooperation of Energy Regulators, as the region moves away from Russian supplies, leading to significant exposure to global volatilities.

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