UK Gas Prices at Over 2-Week High

2026-07-01 08:37 By Judith Sib-at 1 min. read

UK natural gas prices rose further to 105.7 pence a therm on the first day of July, the highest in more than two weeks, as traders awaited developments in US–Iran talks.

President Donald Trump’s envoys arrived in Doha on Tuesday, although Qatari mediators tempered expectations for a major breakthrough, noting that US officials were not set to meet directly with their Iranian counterparts.

UK gas prices dropped 5.7% in June and plunged 18.5% over the second quarter, following an interim deal between the two sides that reversed most of the sharp gains recorded when tensions were at their peak.

However, the downside has been partially offset by tight physical market conditions in Europe.

Storage facilities are currently around 48% full, notably lower than the 56% level at the same time last year and the five-year average of 61%.

At the same time, an intense heatwave across Europe is boosting demand from electricity providers to meet increased cooling needs.



News Stream
UK Gas Prices at Over 2-Week High
UK natural gas prices rose further to 105.7 pence a therm on the first day of July, the highest in more than two weeks, as traders awaited developments in US–Iran talks. President Donald Trump’s envoys arrived in Doha on Tuesday, although Qatari mediators tempered expectations for a major breakthrough, noting that US officials were not set to meet directly with their Iranian counterparts. UK gas prices dropped 5.7% in June and plunged 18.5% over the second quarter, following an interim deal between the two sides that reversed most of the sharp gains recorded when tensions were at their peak. However, the downside has been partially offset by tight physical market conditions in Europe. Storage facilities are currently around 48% full, notably lower than the 56% level at the same time last year and the five-year average of 61%. At the same time, an intense heatwave across Europe is boosting demand from electricity providers to meet increased cooling needs.
2026-07-01
UK Gas Prices Rise Further
UK natural gas prices climbed to 104.6 pence a therm, the highest in over two weeks, 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. Also supporting prices, 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. Despite the increase, UK gas prices are still set to end the month down by more than 5% and the second quarter with an 18% loss.
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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