UK Natgas Prices Retreat

2026-03-20 08:19 By Judith Sib-at 1 min. read

UK natural gas futures dropped to around 150 pence per therm, pulling back from a more than three-year high, after the US signaled potential measures to increase supply.

Treasury Secretary Scott Bessent said the US may soon remove sanctions on Iranian oil stranded on tankers and signaled the possibility of additional crude releases.

President Trump also stated that he would not be deploying troops, while Israel pledged to refrain from further strikes on key Iranian gas field.

These come after Iran retaliated for Israel’s attack on its South Pars gas field by striking Qatar’s Ras Laffan Industrial City, home to the world’s largest LNG export facility.

In addition, leading European nations, Japan, and Canada have expressed readiness to support efforts to ensure safe navigation through the Strait of Hormuz.

However, investors remain on edge, given the UK relies heavily on imported natural gas, and following a cold winter, European gas reserves are expected to be lower than usual.



News Stream
UK Natgas Prices Retreat
UK natural gas futures dropped to around 150 pence per therm, pulling back from a more than three-year high, after the US signaled potential measures to increase supply. Treasury Secretary Scott Bessent said the US may soon remove sanctions on Iranian oil stranded on tankers and signaled the possibility of additional crude releases. President Trump also stated that he would not be deploying troops, while Israel pledged to refrain from further strikes on key Iranian gas field. These come after Iran retaliated for Israel’s attack on its South Pars gas field by striking Qatar’s Ras Laffan Industrial City, home to the world’s largest LNG export facility. In addition, leading European nations, Japan, and Canada have expressed readiness to support efforts to ensure safe navigation through the Strait of Hormuz. However, investors remain on edge, given the UK relies heavily on imported natural gas, and following a cold winter, European gas reserves are expected to be lower than usual.
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UK Natgas Prices Jump
UK natural gas futures jumped 20% to 170 pence per therm, hitting their highest level since January 2023, after Iran targeted major LNG facilities in the Middle East. Missile strikes set parts of Qatar’s Ras Laffan LNG complex, one of the world’s largest LNG hubs, on fire and caused significant damage. Production at the facility had already been halted earlier in the month following prior attacks. The UAE also suspended operations at its Habshan gas facilities and the Bab oil and gas field due to falling debris after missiles were intercepted over the sites. The Strait of Hormuz, through which roughly 20% of global LNG flows, remains closed. The situation is critical for Europe as it heads into the summer season and needs to refill gas storage, with levels about 15 percentage points below the five-year average following a cold winter. The UK is particularly vulnerable due to its limited storage capacity and heavy reliance on imported gas.
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