UK Natural Gas Futures Rise on LNG Supply Risks

2026-02-26 16:33 By Agna Gabriel 1 min. read

UK natural gas futures jumped to around 78 pence per therm after Iranian state media said Tehran would not allow enriched uranium to leave the country, heightening tensions in US-Iran nuclear talks in Geneva just days before President Donald Trump’s deadline for a deal.

While Omani mediators earlier described the discussions as “creative and positive,” fears of escalation revived concerns over disruptions in the Strait of Hormuz, a crucial chokepoint for nearly 20% of global LNG trade from Qatar and the UAE.

Any blockage could tighten global gas availability, and the UK is especially exposed due to reliance on imports and limited storage.

Domestic inventories are only about 27.6% full, including Humbly Grove Energy at 9.6%, Storengy UK at 24.3%, and Uniper Energy Storage at 53.5%, leaving the country vulnerable to external supply shocks.



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UK Natural Gas Futures Rise on LNG Supply Risks
UK natural gas futures jumped to around 78 pence per therm after Iranian state media said Tehran would not allow enriched uranium to leave the country, heightening tensions in US-Iran nuclear talks in Geneva just days before President Donald Trump’s deadline for a deal. While Omani mediators earlier described the discussions as “creative and positive,” fears of escalation revived concerns over disruptions in the Strait of Hormuz, a crucial chokepoint for nearly 20% of global LNG trade from Qatar and the UAE. Any blockage could tighten global gas availability, and the UK is especially exposed due to reliance on imports and limited storage. Domestic inventories are only about 27.6% full, including Humbly Grove Energy at 9.6%, Storengy UK at 24.3%, and Uniper Energy Storage at 53.5%, leaving the country vulnerable to external supply shocks.
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UK natural gas futures rose above 75 pence per therm as geopolitical tensions lifted supply risk premiums. Comments from Donald Trump that Iran is rebuilding its nuclear program increased speculation about potential military action and the risk of disruption in the Strait of Hormuz, a key shipping lane for nearly 20% of global LNG flows, largely from Qatar. Any blockage of the waterway would tighten global gas availability. The UK is particularly exposed due to its reliance on imports and limited storage capacity. Domestic inventories are only about 27.6% full, with facilities such as Humbly Grove Energy at 9.6%, Storengy UK at 24.3% and Uniper Energy Storage Ltd at 52.2%, leaving the country vulnerable to external supply shocks.
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UK natural gas futures dropped more than 5% to below 78 pence per therm after Donald Trump said he is considering a limited military strike on Iran, giving Tehran up to 15 days to reach a nuclear agreement. The main risk remains a potential Iranian move to block the Strait of Hormuz, a critical shipping lane through which nearly 20% of global LNG flows, largely from Qatar. Any closure would significantly tighten global gas markets. The UK is particularly exposed because it depends heavily on imports and has limited storage capacity. Domestic gas inventories are only about 29.4% full, with sites such as Humbly Grove Energy at 9.6%, Storengy UK at 24.3%, and Uniper Energy Storage Ltd at 58.8%. Low reserves leave the country vulnerable to external supply shocks.
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