European Natural Gas Futures Slump by 20% on Ceasefire Relief

European benchmark natural gas prices tumbled 20% at opening in Amsterdam on Wednesday after the U.S. and Iran announced a two-week ceasefire that could lead to reopening of the Strait of Hormuz. The front-month contract of the Dutch TTF Natural Gas Futures, the European benchmark for gas trading, opened 20% lower on Wednesday and traded 16% lower in the late morning in Europe. The May 2026 contract slumped to $51.45 (44 euros) per megawatt-hour (MWh), down from $62 (53 euros) per MWh on Tuesday. Europe’s gas prices jumped by about 60% between…