Asian and European natural gas prices declined Monday as geopolitical tensions in the Middle East eased and the supply outlook strengthened.

Prices were stable last week when the market shrugged off the impacts of attacks carried out by Israel and Iran. With no apparent threat to production in the Eastern Mediterranean or shipping in the Strait of Hormuz, a vital passage for about 20% of global LNG supplies, prices in Asia and Europe hovered around $10/MMBtu. 

“Despite ongoing geopolitical tensions, Iran’s assurance of not escalating the conflict has exerted downward pressure on prices,” said Schneider Electric analyst Dogukan Aktas. 

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