European natural gas futures extended their slide on Wednesday, dropping more than 6% to below €51 per MWh amid hopes that a potential ceasefire in the Middle East could ease supply disruptions. President Donald Trump said on Tuesday that the United States was making progress in negotiations with Iran and had presented a 15‑point settlement proposal aimed at ending the conflict.
Even so, some analysts remain skeptical about the chances of a rapid breakthrough and expect market volatility to persist. Now in its fourth week, the war has blocked shipments through the Strait of Hormuz, cutting off roughly 20% of global LNG flows. At the same time, the largest LNG plant in Qatar remains offline, with about 17% of its capacity reported damaged. Shell’s CEO has warned that, if the conflict drags on, Europe could face energy shortages as early as April.
