European Gas Posts Weekly Drop as Traders Parse Iran War Signs

European natural gas posted a weekly decline as traders try to assess how the Iran war will unfold and affect global energy supplies after the initial shock for LNG markets was priced in.

Benchmark futures ended the week around 6% lower, shaving off some of last week’s scorching rally, which was the biggest since 2022. While European gas prices initially saw a stronger reaction to the war-linked supply disruptions than oil, there have been few meaningful indications in recent days about the duration of the conflict.