UK Natural Gas Futures Rebound

UK Gas decreased to 114.98 GBp/thm, the lowest since March 2026. Over the past 4 weeks, Natural Gas UK lost 11.33%, and in the last 12 months, it increased 31.24%.

UK natural gas futures rose to 126.5 pence per therm, rebounding from a one-month low, as optimism for a quick resolution to the Middle East war waned. President Donald Trump offered little clarity on the path to ending the war he claimed would conclude soon, while warning that US military operations in Iran will continue for the next two to three weeks. Iran on Wednesday also denied Trump’s claim that it had requested a ceasefire. Energy markets have remained highly volatile since the conflict began, with the Strait of Hormuz largely blocked. Around one-fifth of global LNG supply normally transits the strait, but traffic has almost ground to a halt since late February. EU officials also warned of prolonged disruptions and signaled they may reintroduce emergency tools used during the 2022 energy crisis.

UK natural gas futures dropped to around 123 pence per therm, retreating from a more than three year high of 156.6 in March, as traders increased bets that the Iran war could ease after President Donald Trump signaled a possible US exit within two to three weeks. He suggested a deal with Tehran may be reached but is not essential for ending the conflict. Energy markets have remained volatile since the war began, with the Strait of Hormuz largely blocked and key supply routes disrupted. Any de escalation could allow flows to gradually resume, though recovery may be slow given damage to infrastructure and uncertainty over shipping activity. About a fifth of global LNG normally passes through the strait, where traffic has nearly halted since late February. Meanwhile EU officials warned of prolonged disruption and are considering reintroducing crisis measures used during the 2022 energy shock.