European natural gas prices continue to fluctuate as traders await details of the US-Iran agreement

(1) After posting the largest single-day drop in over two months, European natural gas prices continue to fluctuate as traders await the specific terms of the US-Iran related agreement. Following a 9% decline in benchmark natural gas futures on Monday, prices have alternated between small gains and losses during the day; the current price remains more than 30% higher than before the crisis erupted. (2) The volume of liquefied natural gas shipped to continental Europe remains lower than the same period last year, with the average monthly LNG shipments delivered to Northwest and Eastern Europe over the past 30 days down 20% year-on-year.