European natural gas prices retreated on Thursday, as investors kept tabs on ongoing efforts to forge a deal to end the Iran war.

By 08:04 ET (12:04 GMT), the benchmark Dutch front-month contract at the TTF hub had edged down by 0.2% to 43.82 euros per megawatt hour, according to ICE data.

The British front-month contract also fell by 0.4% to 107.09 pence per therm.

Washington and Tehran have reportedly been working with mediators on a one-page framework to once again restart talks over a lasting peace deal. The discussions are seen kicking off next week in Pakistan, according to the Wall Street Journal.

The paper added that a monthlong process would then look to resolve disputes over Iran’s nuclear ambitions and relief from sanctions, however key disagreements remain over areas like nuclear enrichment and inspections.

President Donald Trump suggested in remarks at the White House on Wednesday afternoon that the U.S. had “won” the war and that talks with Tehran had been “very good” over the last 24 hours.

Earlier in the day, Trump said in a social media post that the U.S. operation against Iran, which it launched jointly with Israel in late February, would be over if Tehran “agrees to give what has been agreed to,” although he did not elaborate further. He also threatened to carry out renewed attacks should an accord not be reached.

Iran, meanwhile, has provided more mixed messaging. The country’s foreign minister has claimed that Iranian officials are reviewing a U.S. proposal and would convey its opinion to Pakistan, a frequent mediator between Washington and Tehran. But other media reports cited an Iranian official who described the U.S. peace plan as an American wish list.

According to CNN, Iran is anticipated to give mediators their response by Thursday.

Earlier, Gergely Molnar, a gas analyst from the International Energy Agency, said at an event that the war has already caused the loss of about 120 billion cubic meters of global liquefied natural gas supply between 2026 and 2030. Molnar added that tighter market conditions could “persist for longer than previously expected.”
Source: Investing.com