UK Natural Gas Prices Decline

2026-06-02 06:29 By Judith Sib-at 1 min. read

UK natural gas futures fell below 117 pence per therm, following the prior session's sharp gains amid a lack of clear progress in the US-Iran peace talks.

Prices surged 7.5% on Monday, fueled by escalating geopolitical tensions after Iran halted indirect negotiations amid Israel’s intensified attacks in Lebanon and warned it could expand its blockade from the Strait of Hormuz to the Bab el-Mandeb Strait, a key maritime passage at the southern gateway to the Red Sea.

Meanwhile, President Donald Trump stated that discussions were continuing and that he anticipates a deal over the next week, easing some market concerns.

The ongoing closure of the Strait of Hormuz has disrupted roughly 20% of global LNG shipments, tightening supply and intensifying competition for cargoes among importing nations.

With storage facilities currently only 38% full, the prolonged disruption complicates Europe’s efforts to refill inventories before next winter.



News Stream
UK Natural Gas Prices Decline
UK natural gas futures fell below 117 pence per therm, following the prior session's sharp gains amid a lack of clear progress in the US-Iran peace talks. Prices surged 7.5% on Monday, fueled by escalating geopolitical tensions after Iran halted indirect negotiations amid Israel’s intensified attacks in Lebanon and warned it could expand its blockade from the Strait of Hormuz to the Bab el-Mandeb Strait, a key maritime passage at the southern gateway to the Red Sea. Meanwhile, President Donald Trump stated that discussions were continuing and that he anticipates a deal over the next week, easing some market concerns. The ongoing closure of the Strait of Hormuz has disrupted roughly 20% of global LNG shipments, tightening supply and intensifying competition for cargoes among importing nations. With storage facilities currently only 38% full, the prolonged disruption complicates Europe’s efforts to refill inventories before next winter.
2026-06-02
UK Natural Gas Prices Advance
UK natural gas futures rose above 117 pence per therm, recovering from a three-week low, amid continued uncertainty surrounding a potential US–Iran deal. Both countries exchanged messages suggesting revisions to a draft agreement aimed at extending the ceasefire and reopening the Strait of Hormuz, though it remained unclear whether the negotiations were gaining traction. Regional tensions also intensified, with Israel and Iran-backed Hezbollah in Lebanon engaging in heavy cross-border exchanges, while an Iranian ballistic missile struck a Kuwaiti air base. Traffic through the Strait has been at a near-standstill, disrupting roughly one-fifth of global LNG supplies and complicating Europe’s efforts to replenish relatively low gas storage levels ahead of winter.
2026-06-01
UK Natural Gas Prices Rebound
UK natural gas futures rose above 116 pence per therm, rebounding from a more than two-week low, as conflicting signals from the US and Iran clouded expectations for a potential agreement. Iranian media reported progress on a draft deal aimed at ending the war, though the White House later dismissed the claim as “a complete fabrication.” Fresh US strikes on a military facility and other targets near the Strait of Hormuz also underscored risks to negotiations. Traffic through the Strait has been at a near-standstill, disrupting roughly one-fifth of global LNG supplies and complicating Europe’s efforts to replenish relatively low gas storage levels ahead of winter. Record-breaking heat across the UK have added a layer of short-term demand uncertainty.
2026-05-28