U.S. natural gas futures fell more than 3.0% intraday to $3.026/MMBtu.

The EU and France will sign a €15.1 billion defence loan agreement on Wednesday, according to people familiar with the matter. The loan is part of the European Commission's SAFE loan programme, which aims to mobilize €150 billion to accelerate intra-EU defence spending and joint procurement. The Commission is finalizing agreements with member states; the first disbursement has already gone to Poland, one of the programme's largest beneficiaries.

According to the New York Post, President Trump warned France could trigger a new trade fight if it does not drop its 3% digital services tax, threatening 100% tariffs on all French champagne and wine if the levy remains. He said he had directly told President Macron to cancel the tax; the U.S. market accounts for roughly one-fifth of French wine sales, over $2bn annually. France’s 3% digital services tax, effective since 2019, targets gross revenues from digital services and applies to companies including Alphabet, Amazon, Meta and Apple, hitting U.S. tech firms because it is levied on revenue rather than profit.