UK Gas Prices Rise Sharply

2026-07-07 06:47 By Judith Sib-at 1 min. read

UK natural gas prices jumped over 4% to above 109 pence a therm on Tuesday, recovering from the previous session's losses after reports that a Qatari LNG tanker was attacked while exiting the Strait of Hormuz.

Iranian state TV said that the vessel came under attack after disregarding warnings, though it did not explicitly claim responsibility.

Earlier, two commercial ships were reportedly hit by Iranian missiles, putting the agreement aimed at ending attacks in the strait to the test.

Further supporting prices, weather forecasts indicate that another spell of extreme heat is set to hit Northwest Europe, which is expected to significantly boost air-conditioning use and power demand.

The increase in demand comes as the region’s gas inventories remain relatively low, with storage facilities currently around 49% full, well below the nearly 60% level recorded at the same time last year.

This heightened concerns over whether Europe will be able to rebuild sufficient reserves ahead of winter.



News Stream
UK Gas Prices Rise Sharply
UK natural gas prices jumped over 4% to above 109 pence a therm on Tuesday, recovering from the previous session's losses after reports that a Qatari LNG tanker was attacked while exiting the Strait of Hormuz. Iranian state TV said that the vessel came under attack after disregarding warnings, though it did not explicitly claim responsibility. Earlier, two commercial ships were reportedly hit by Iranian missiles, putting the agreement aimed at ending attacks in the strait to the test. Further supporting prices, weather forecasts indicate that another spell of extreme heat is set to hit Northwest Europe, which is expected to significantly boost air-conditioning use and power demand. The increase in demand comes as the region’s gas inventories remain relatively low, with storage facilities currently around 49% full, well below the nearly 60% level recorded at the same time last year. This heightened concerns over whether Europe will be able to rebuild sufficient reserves ahead of winter.
2026-07-07
UK Gas Prices Drop
UK natural gas prices dropped below 105 pence a therm on Monday after hitting a three-week high in the previous session, as geopolitical tensions in key shipping routes eased significantly. Shipping traffic through the Strait of Hormuz continues to recover amid progress in diplomatic efforts. However, concerns persist over Europe’s slow progress in rebuilding gas inventories. The region’s storage outlook remains tight, with storage facilities currently around 49% full, well below the nearly 60% recorded during the same period last year. The relatively low inventory levels have reinforced concerns about the region’s ability to build adequate reserves ahead of winter. Also providing near-term support for prices, high temperatures across much of Europe accelerated gas-fired power generation to meet air-conditioning demand.
2026-07-06
UK Gas Prices Advance
UK natural gas prices rose above 105 pence a therm, reaching a three-week high, as increased consumption due to heatwave offset some of the relief from the reopening of the Strait of Hormuz. Extreme heat continues to bear down on Europe, sharply increasing electricity demand for air conditioning. This comes at a time when inventory levels are low. The region is struggling to replenish inventories following earlier supply disruptions, with storage facilities currently around 48% full, well below the 56% level recorded a year ago and the five-year average of 61%. Meanwhile, Qatar and Pakistan confirmed that the US and Iran made positive progress during indirect talks in Doha, signaling that diplomacy was holding despite recent hostilities. UK gas prices have risen more than 7% so far this week, on track for the first weekly advance in four.
2026-07-02