-- European natural gas futures were up on Tuesday, as Iran's proposal to bring an end to hostilities in the region has reportedly failed to impress US officials.
The front-month Dutch TTF gas contract was up 0.74% to 44.97 euros ($52.62) per megawatt hour, while the UK NBP benchmark rose 1.37% to 111.29 British pence ($1.50) per therm.
Tehran's latest proposal involved reopening the Strait of Hormuz, in return for Washington lifting its blockade against the country, with the critical discussions regarding the country's nuclear program set to be held at a later date, according to an Axios report, citing a US official and two other sources familiar with the matter.
However, US President Donald Trump is reportedly skeptical of this latest proposal, as it sidesteps the key nuclear issue altogether, according to a report by The New York Times, citing multiple people who were briefed on the ongoing discussions.
The strategically crucial Strait remained effectively closed for the ninth-straight week, with just seven vessels transiting through it over the past 24 hours, according to the Hormuz Strait Monitor.
According to Daniel Hynes, a senior commodity strategist at ANZ, buyers are increasingly turning to the spot market to make up for supply shortages.
Hynes also noted that fewer LNG tankers have reached Europe so far in April, compared to the same period a year ago, citing ship tracking data to show that volumes might be down by as much as 3% year-over-year, even as the region begins refilling its inventories.
Europe currently has depleted natural gas storage, at just 31.75% of capacity, compared to 38.42% during the corresponding period a year ago, according to Gas Infrastructure Europe.