Global natural prices were steady on Monday amid a rare calm that reigned over the market with geopolitical tensions at ease and a deadline for countries to make trade deals with the United States nearing.
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Prices have declined over the past two weeks since Israel and Iran agreed to a ceasefire that eroded risk premiums. Intense heat in both Europe and Asia has spurred some spot buying and prevented prices from falling further.
Japan-Korea Marker futures have traded at about a $2/MMBtu premium to the Title Transfer Facility (TTF) benchmark in Europe, putting the continent at risk of losing some cargoes as it works to refill storage inventories ahead of winter.