UK Natural Gas Futures Fall after 70% Rally

2026-03-04 12:25 By Agna Gabriel 1 min. read

UK natural gas futures fell more than 9% toward 128 pence per therm on Wednesday, following a nearly 70% surge over the previous two sessions, mirroring declines in the European benchmark after reports that Iran may be open to talks to end the Middle East conflict.

The UK remains highly exposed due to limited storage and heavy import dependence, with inventories below 30% at the end of February.

While Iranian operatives reportedly reached out to the US to discuss terms, officials remain skeptical of a short-term resolution.

The conflict has already disrupted major energy infrastructure, including the world’s largest LNG plant in Qatar, and the Strait of Hormuz remains largely closed, fueling fears of a global supply squeeze.

European supplies have not yet been directly affected, as shipments scheduled for March are already en route.

Also, President Donald Trump said the US would ensure vessels and provide naval escorts if needed.



News Stream
UK Natural Gas Futures Fall after 70% Rally
UK natural gas futures fell more than 9% toward 128 pence per therm on Wednesday, following a nearly 70% surge over the previous two sessions, mirroring declines in the European benchmark after reports that Iran may be open to talks to end the Middle East conflict. The UK remains highly exposed due to limited storage and heavy import dependence, with inventories below 30% at the end of February. While Iranian operatives reportedly reached out to the US to discuss terms, officials remain skeptical of a short-term resolution. The conflict has already disrupted major energy infrastructure, including the world’s largest LNG plant in Qatar, and the Strait of Hormuz remains largely closed, fueling fears of a global supply squeeze. European supplies have not yet been directly affected, as shipments scheduled for March are already en route. Also, President Donald Trump said the US would ensure vessels and provide naval escorts if needed.
2026-03-04
UK Natural Gas Futures Surge to 3-Year High
UK natural gas futures surged 26% to above 143 pence per therm on Tuesday, the highest since January 2023, after Qatar halted LNG output at its Ras Laffan complex following an Iranian drone strike. The shutdown of a facility responsible for roughly one-fifth of global LNG supply sent shockwaves through energy markets and extended the previous session’s 45% rally. The UK is particularly exposed due to limited storage capacity and heavy reliance on imports, with domestic inventories below 30% at the end of February. Flows through the Strait of Hormuz had already slowed, raising concerns over broader Middle East disruptions. Although most Qatari LNG goes to Asia, any prolonged outage is likely to intensify global competition for cargoes and lift prices in Europe as it seeks to rebuild low inventories ahead of winter.
2026-03-03
UK Gas Jumps 40% as Qatar Halts LNG Production
UK natural gas futures jumped more than 40% on Monday to 111 pence per therm, reaching their highest level since February 2025, after QatarEnergy suspended LNG production at the Ras Laffan and Mesaieed industrial cities. The shutdown followed reports from Qatar’s Defense Ministry that two Iranian drones struck energy facilities earlier in the day. The escalation came after the US carried out strikes on Iranian territory, prompting Tehran to retaliate with attacks on regional allies. Investors also monitored disruptions to traffic through the Strait of Hormuz, a vital corridor for global energy supplies. The strait handles roughly one-fifth of global LNG trade, including key exports from Qatar, which accounts for about 15% of Europe’s LNG imports. With domestic gas storage less than 30% full at the end of February, the UK market remains highly vulnerable to external supply shocks.
2026-03-02