UK Gas Prices Retreat

2026-06-30 06:48 By Judith Sib-at 1 min. read

UK natural gas prices dropped toward 101 pence a therm, trimming some of the previous session's gains, as investors looked ahead to US–Iran talks in Qatar following weekend strikes from both sides that stoked supply fears.

President Donald Trump said negotiations with Tehran are set to resume today after both sides agreed to halt a series of back-and-forth attacks over the Strait of Hormuz.

Meanwhile, hotter weather across Europe is ramping up gas-fired power generation to meet air conditioning demand, tightening supply conditions.

The region continues to struggle to rebuild inventories to historical norms, with storage facilities currently around 48% full on average, raising concerns that the region could enter the winter season with the lowest gas reserves in 15 years.

UK gas prices are set to end the month down more than 8% and the second quarter with a 21% loss.



News Stream
UK Gas Prices Retreat
UK natural gas prices dropped toward 101 pence a therm, trimming some of the previous session's gains, as investors looked ahead to US–Iran talks in Qatar following weekend strikes from both sides that stoked supply fears. President Donald Trump said negotiations with Tehran are set to resume today after both sides agreed to halt a series of back-and-forth attacks over the Strait of Hormuz. Meanwhile, hotter weather across Europe is ramping up gas-fired power generation to meet air conditioning demand, tightening supply conditions. The region continues to struggle to rebuild inventories to historical norms, with storage facilities currently around 48% full on average, raising concerns that the region could enter the winter season with the lowest gas reserves in 15 years. UK gas prices are set to end the month down more than 8% and the second quarter with a 21% loss.
2026-06-30
UK Gas Prices Climb
UK natural gas prices rose to around 102.5 pence a therm amid renewed supply concerns following the latest flare-up in the Middle East. Shipping traffic through the Strait of Hormuz had picked up in recent weeks but slowed after fresh attacks on vessels since Thursday, including a Qatar-linked oil tanker. This prompted strikes from the US and Iran over the weekend, marking the worst escalation since the two sides signed an interim peace agreement. However, Axios reported that the two countries have agreed to pause hostilities and resume talks in Qatar on Tuesday. Weather conditions also supported gas prices, as a heatwave across Europe boosted gas demand from power generators to meet increased cooling needs.
2026-06-29
UK Gas Prices Edge Lower
UK natural gas prices dropped to around 96.2 pence a therm, the lowest since February, as shipping activity through the Strait of Hormuz showed signs of normalization following progress in US-Iran peace talks. Several empty Qatari LNG carriers have entered the Gulf in recent days to reload, signaling a potential recovery in gas shipments. Additionally, Qatar's Prime Minister indicated that LNG production is expected to return to normal within a few weeks, apart from the damaged facility. The prospect of resumed LNG flows from the Gulf eased fears of a supply crunch and could help Europe replenish inventories ahead of next winter. These developments offset support from strong power-sector demand amid hot weather and low wind speeds across Europe.
2026-06-25