FINWIRES · TerminalLIVE
FINWIRES

EMEA Natural Gas Update: Prices Flat as Traders Weigh Iran Peace Talks and Mixed Weather Outlook

By

European natural gas futures were little changed in after-hours trade on Friday after a choppy session driven by geopolitical developments and shifting expectations around renewed Iran-related peace talks scheduled for this weekend in Islamabad.

Front-month Dutch TTF gas contracts edged up 0.009% to 44.40 euros ($52.02) per megawatt hour, while the UK NBP benchmark rose 0.46% to 111.40 pence ($1.51) per therm.

Markets moved back and forth through the day as reports circulated that US President Donald Trump is sending special envoy Steve Witkoff and son-in-law Jared Kushner to Pakistan for discussions with Iranian Foreign Minister Abbas Araghchi. The talks are expected to take place this weekend.

US Vice President JD Vance will not attend, as the perceived counterparty, Iranian parliamentary speaker Mohammad-Bagher Ghalibaf, is also reported not to be participating.

Trump declined on Thursday to offer a timeline for resolving the conflict with Iran, telling reporters, "Don't rush me." The two sides remain divided on key issues presumably to be central to the Islamabad discussions.

The US Navy began a blockade of Iranian ports on Apr. 13 after the collapse of the first round of talks in Islamabad. Trump reiterated on Thursday that the US has "total control over the Strait of Hormuz." However, a Financial Times report, citing Vortexa data, indicated continued vessel movements in and out of the Gulf during the blockade, including ships linked to Iranian crude exports totaling roughly 10.7 million barrels.

In Europe, weather models continue to show mixed signals for late April and early May. Forecaster Atmospheric G2 said in a social media post Friday that a general warming trend is expected, but noted the possibility of colder air reaching Western Europe between Apr. 28 and May 11. Some models also indicate a potential shift toward warmer conditions from the west, which could affect central and western regions. Overall confidence in the forecast remains low.

Gas market fundamentals are also being shaped by ongoing storage replenishment ahead of the next winter season. Data from Gas Infrastructure Europe shows EU gas storage levels at 30.82% capacity, below the year-ago level of 37.54%.

Related Articles

Commodities

PG&E Reports Higher Q1 Electric Revenue, Advances 4.6 GW Data Center Pipeline

PG&E (PCG) reported Q1 earnings Thursday, showing operating revenues in the electric segment were $4.97 billion for Q1 2026, compared with $4.14 billion a year earlier.The company reported operating revenues in the natural gas segment of $1.91 billion for the quarter ended March 31, compared with $1.85 billion a year ago.PG&E reduced residential bundled electric rates for the fifth time since January 2024, cutting bills by 23% for CARE customers and 13% for other users, it said.The company secured US Nuclear Regulatory Commission approval on April 2 to extend Diablo Canyon operations by 20 years, with the plant supplying nearly 20% of California's clean energy to about four million residents, it said.PG&E connected its eighth renewable natural gas facility and plans to add five more by the end of 2027, having already delivered 7.25 billion cubic feet of RNG since 2021, enough to power over 190,000 homes, it said.The utility completed 31 miles of underground powerlines and added 44 miles of strengthened infrastructure in high-risk fire zones, with plans to exceed 1,900 miles underground and 2,000 miles of strengthened by 2027, it said.PG&E connected over 3,100 customers and 1,500 electric vehicle charging ports while advancing data center projects totaling about 4.6 gigawatts, which could lower customer bills by at least 1% per GW under certain conditions, it said.

$PCG
Commodities

Phillips 66 Ships US Crude on Foreign Vessel After Jones Act Waiver, Bloomberg Analysis Says

US crude shipments via foreign vessels begin after a Jones Act waiver, marking the first such cargo since the March 18 policy shift, according to a Bloomberg analysis on Thursday.Phillips 66 (PSX) loaded Bakken crude in early April from Beaumont, Texas, onto the Malta-flagged Htm Warrior for delivery to Pennsylvania, the report said.The cargo will supply the Trainer refinery in Pennsylvania, operated by Monroe Energy, a subsidiary of Delta Air Lines (DAL), expanding supply options for East Coast refiners, according to the analysis.President Donald Trump signed a 60-day Jones waiver on March 18, allowing foreign-flagged ships to transport goods between US ports, the analysis added.The waiver temporarily suspends the 1920 Jones Act, which requires vessels moving cargo between US ports to be US-built, US-flagged and US-operated, the analysis said.The administration introduced the exemption to boost fuel and crude supplies amid geopolitical tensions linked to Iran that disrupted global energy flows.No other foreign-flagged vessels have carried US crude from the Gulf Coast to the Atlantic Coast since the waiver took effect, the analysis said, citing Kpler data.However, multiple cargoes of Middle Eastern crude have recently moved along the same route on foreign-flagged ships, highlighting shifting trade flows under the temporary policy change, the analysis added.

$DAL$PSX
Commodities

NextEra Energy Resources Reports Record Q1, Adds 4 GW to Renewables Backlog

NextEra Energy's (NEE) unit NextEra Energy Resources reported in a Q1 update that it delivered a record quarter for renewables and storage origination, adding 4 gigawatts of new generation and storage to its backlog, the company said Thursday.This Q1 backlog includes 2.2 GW of solar capacity, 1.3 GW from battery storage, and 0.5 GW of wind, the company said.The company already had about 9.9 GW of solar, about 7.5 GW of battery storage, and about 3.2 GW of wind capacity in its 2026-2027 COD and backlog pipeline.For 2026 to 2027, NextEra Energy Resources targets a total capacity of about 20 GW to 27 GW.Of this, solar capacity is expected to be 8.5 GW to 11.5 GW, battery storage 8 GW to 10 GW, and wind 3.5 GW to 5.5 GW.For 2026 to 2032, the company sees total additions reaching 76.6 GW to 107.6 GW, driven by solar at 31.5 GW to 41.5 GW, battery storage at 32 GW to 43 GW, wind at 8.5 GW to 14.5 GW, and gas at 4 GW to 8 GW, it said.The company increased its total backlog to about 33 GW. As of April 23, net of about 0.3 GW has been placed in service and about 0.4 GW of projects have been removed from backlog since Jan. 27, the company said.John Ketchum, chairman, president and chief executive officer, said, "We expect to grow adjusted earnings per share at a compound annual growth rate of 8%+ through 2032 and are targeting the same from 2032 through 2035, all off the 2025 base."He added, "Importantly, our forecasted growth is visible and balanced between our regulated and long-term contracted businesses," while highlighting its scale across 49 states and multiple growth platforms.NextEra Energy Resources is advancing its data center hub strategy, with the US Department of Commerce selecting it to build 9.5 GW of gas-fired generation in Texas and Pennsylvania tied to Japan's $550 billion US investment plan, it said.The company is developing the projects while the US and Japan retain ownership and is advancing permitting and commercial work, backed by over 30 data center hubs with a target of about 40 by year-end, it added.

$NEE