-- European natural gas futures fell on Tuesday, with no advances in the stalemate between the US and Iran as the conflict reached a duration of exactly two months.
The front-month Dutch TTF gas contract was down 0.58% to 44.38 euros ($51.91) per megawatt hour, while the UK NBP benchmark was down 0.23% to 109.54 British pence ($1.48) per therm.
On Monday, Tehran reportedly shared its latest proposal, which involved reopening the Strait of Hormuz, in return for Washington lifting its blockade against the country.
It also demanded that discussions regarding its nuclear program be postponed to a later date, according to an Axios report, citing a US official and two other sources.
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 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.
Daniel Hynes, a senior commodity strategist at ANZ, said 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 with a year ago, citing ship tracking data showing volumes may be down by 3% year-over-year. Europe is seeking to refill its gas storage ahead of next winter.
The continent has a thinner reserve left this year, at 31.75% of capacity, compared to 38.42% during the corresponding period a year ago, according to Gas Infrastructure Europe.
Weather forecasts foresee colder temperatures across Eastern and Southeastern Europe in late April, amid a rare Arctic cold air intrusion, according to Severe-Weather EU. This is expected to increase demand for heating gas, even after the withdrawal season came to an end.