European gas prices steady as Trump downplays Iran strike duration

European natural gas prices have stabilized following statements by former U.S. President Donald Trump, who suggested that recent U.S. military strikes on Iran would be short-lived. This development comes amid rising tensions in the Middle East, which have historically led to fluctuations in energy markets. The Dutch TTF natural gas benchmark, a key indicator for European gas prices, remained steady around €73–74 per MWh, levels not seen since early 2023. Market participants appear to interpret Trump’s comments as reducing the immediate risk of prolonged conflict, which could have led to further volatility in energy prices. Key Takeaways European gas prices appear to have stabilized following Trump’s remarks on Iran, suggesting reduced immediate geopolitical risk. The Dutch TTF natural gas benchmark remains near its highest levels since January 2023, consistent with historical trends during heightened Middle East tensions. Pricing suggests the likelihood of crude oil reaching a new all-time high by September 30 remains low, with odds at 1.6% for a YES outcome. What to Watch Market participants will be monitoring any further developments in U.S.-Iran relations, particularly any mili...