UK gas and power prices have been moving downwards over the last week, most recently resulting in three days net downward movement in a row, as progress on a peace agreement in the Middle East has been made, despite outbreaks of conflicts.
Gas and power contracts for delivery during June, Q3 26 and Winter 26 have reached lows last seen on May 11th, with the former dropping from highs of 128.05p/th on May 20th to lows of 109p/th on May 27th.
This afternoon, Iran’s state TV have claimed to have obtained a draft of an initial, unofficial framework for a memorandum of understanding between Iran and the US on ending the war in the Middle East. It stated that Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the US would withdraw their military forces from Iran’s vicinity and lift their naval blockade that has been in place since April 13th.
State TV went on to clarify that the framework excludes military vessels and envisages Iran managing ship traffic through the strait with cooperation from Oman, though says Tehran would take no steps without “tangible verification”, and the framework is not yet finalised. Additionally, if a final agreement is reached within 60 days, it could be approved as a binding UN Security Council resolution. The White House has since claimed the memorandum to be “a complete fabrication”.
This comes after a week fraught with hostilities, where the US launched strikes on Iranian missile sites and boats attempting to lay mines early on Tuesday. Iran have claimed the strikes represented a “gross violation” of the April 8th ceasefire, while the US claims the attacks were defensive in nature.
The latest Commitments of Traders report indicates that investment funds have decreased their net long positions on the Dutch TTF. Approximately 12TWh has been shaved from the long position, and 4TWh has been added to shorts, resulting in funds being 280TWh net long. European gas storage fullness remains historically low for the time of year, though the last week has seen injections totalling a 1.65% increase from 36.87% to 38.52%.
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