Gas pipes intended for Bulgaria's gas grid expansion at the port of Burgas, Bulgaria, on Saturday, March 29, 2025. Bulgaria's energy chief said the Balkan nation will begin construction on a gas grid-expansion project in the next few weeks as part of a regional effort to boost capacity after Ukraine ended Russian transit. Photographer: Michaela Vatcheva/Bloomberg Photo by Michaela Vatcheva /BloombergArticle content(Bloomberg) — European natural gas rose after Iran closed the Strait of Hormuz shortly after reopening the waterway, choking the flow of energy from the Persian Gulf.
Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentBenchmark TTF futures advanced as much as 11% to €43 ($50.56) a megawatt-hour before trading up 6.2% at 12:35 a.m. Singapore time. That erased most of a decline on Friday after Tehran said the waterway was open to commercial traffic.
Article contentWe apologize, but this video has failed to load.Try refreshing your browser, or tap here to see other videos from our team.Article contentArticle contentEurope may not be able to refill its gas inventories unless it attracts more liquefied natural gas, but it will have to compete with Asia, which also needs to offset lost volumes from Qatar, according to Masanori Odaka, vice president of gas and LNG markets research at Rystad Energy.
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Article content“Two things can happen — TTF and JKM spread can narrow or European demand destruction progresses even more,” he said on the sidelines of a market briefing on Monday, referring to the price difference between the pricing benchmarks in Europe and Asia.
Article contentShipping traffic through Hormuz halted over the weekend as tensions ratcheted higher after vessels came under fire in the waterway and Iran warned against crossings. Several LNG tankers loaded with fuel from Qatar approached the strait over the last few days, but ultimately U-turned or idled without making the journey.
Article contentSo far, no LNG has been exported from the region since the US and Israel began strikes on Iran in late February, disrupting about a fifth of global supply of the fuel.
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