UK Natural Gas Prices Fall Further

2026-06-23 08:25 By Judith Sib-at 1 min. read

UK natural gas prices dropped further to around 99.2 pence a therm, amid easing supply concerns following progress in US-Iran talks.

The US on Monday authorized Iranian oil sales under a temporary 60-day licence following productive talks in Switzerland over the weekend.

Shipping activity through the Strait of Hormuz also began increasing, with several vessels transiting the key waterway on Monday.

Meanwhile, conflicting signals emerged after Iranian media denied US claims that Tehran had agreed to readmit IAEA inspectors or had accepted sanctions relief in exchange for reopening the strait and allowing renewed nuclear inspections.

For Europe, concerns persisted over its ability to replenish gas inventories before next winter.

European storage facilities are currently around 46.4% full, below the five-year average of more than 50% for this time of year.

This left the market vulnerable, particularly as forecasts of hotter weather across Europe were expected to increase demand.



News Stream
UK Natural Gas Prices Fall Further
UK natural gas prices dropped further to around 99.2 pence a therm, amid easing supply concerns following progress in US-Iran talks. The US on Monday authorized Iranian oil sales under a temporary 60-day licence following productive talks in Switzerland over the weekend. Shipping activity through the Strait of Hormuz also began increasing, with several vessels transiting the key waterway on Monday. Meanwhile, conflicting signals emerged after Iranian media denied US claims that Tehran had agreed to readmit IAEA inspectors or had accepted sanctions relief in exchange for reopening the strait and allowing renewed nuclear inspections. For Europe, concerns persisted over its ability to replenish gas inventories before next winter. European storage facilities are currently around 46.4% full, below the five-year average of more than 50% for this time of year. This left the market vulnerable, particularly as forecasts of hotter weather across Europe were expected to increase demand.
2026-06-23
UK Natural Gas Prices Advance
UK natural gas prices rose to around 102 pence a therm, extending gains from the previous session despite progress in talks between the US and Iran. The two countries agreed on Monday to establish communication channels to keep the Strait of Hormuz open and end hostilities in Lebanon. The developments followed a tense start to the talks on Sunday after Iranian media reported that Tehran had suspended discussions after President Donald Trump again threatened to strike Iran over its support for Hezbollah. Still, investors remained concerned about Europe's ability to replenish relatively low gas inventories ahead of winter. Prices also found support from forecasts of high temperatures across Europe, which are expected to boost gas demand from power generators.
2026-06-22
UK Natural Gas Set for Sharp Weekly Drop
UK natural gas prices rose to around 99 pence a therm but remained on track for a weekly decline of more than 11% amid easing Middle East supply risks. An interim peace agreement between the US and Iran, signed on Wednesday, has seen shipping through the Strait of Hormuz begin returning to normal, with several vessels reportedly transiting the waterway on Thursday. The deal pushed UK gas prices to their lowest level since February 27, before the outbreak of the war, giving back most of the gains driven by the conflict. Qatar, the world’s largest LNG exporter, is preparing to rapidly resume production at its Ras Laffan facilities and expects output at sites unaffected by Iranian strikes to return to full capacity within a month. The resumption of LNG exports from the Persian Gulf could support Europe's efforts to replenish relatively low gas storage levels ahead of next winter.
2026-06-19