Oil & Energy
US Natural Gas Update: Futures Open Lower on Report of Potential US-Iran Peace Progress
US natural gas futures opened lower on Wednesday as traders mulled what to make of news that the US and Iran may be approaching the end of more than two months of conflict, according to a report by Axios.US Henry Hub futures were trading 3.3% lower at $2.70, while the Henry Hub Continuous Contract traded 3.1% lower at the same price.News of progress emerged in an Axios article titled "U.S. and Iran closing in on one-page memo to end war, officials say."The story, citing two U.S. officials and two other sources familiar with developments, said the White House believes it is close to reaching an agreement with Iran based on the proposed one-page framework and is awaiting Iran's response by Friday.In Europe, where gas imports have proven a major vulnerability in its energy sector, reflected in greater trading volatility during the Middle East conflict, futures contracts were down more than 6% by late in the day.A post on the social media site Truth Social on Wednesday by US President Donald Trump seemed to hint at continued resistance from the Iranian side despite sources in the Axios article relating some White House optimism.Trump repeated that in the absence of agreement, the US would resort to force to achieve its demands, including Iran's abandonment of nuclear enrichment."Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran. If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump wrote.