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.



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