European gas prices fell over 9% to below €50 per megawatt-hour following reports of a secret Iranian peace initiative on Wednesday.
The gas price per megawatt-hour for April futures contracts on the TTF, the Netherlands-based virtual natural gas trading venue with the most depth in Europe, closed Tuesday at €54.29 ($63.13)
Natural gas prices fell by 9.2% from the previous close to €49.3 as of 3.35 p.m. local time (1235 GMT).
European gas prices had surged sharply to €65 per megawatt-hour during the day on Tuesday, marking a 100% increase from pre-strike levels, following joint US-Israeli strikes on Iran over the weekend that fueled concerns over global energy supplies.
The pullback in prices today was driven by a New York Times report stating that Iran's Intelligence Ministry had indirectly contacted the CIA to discuss terms for ending the war.
Reporting by Nuran Erkul Kaya in London
Writing by Basak Erkalan
Anadolu Agency
energy@aa.com.tr
