UK Natural Gas Falls But Stays Near 4-Month High

2026-07-24 06:57 By Judith Sib-at 1 min. read

UK natural gas prices declined below 148 pence a therm on Friday but remained close to a four-month high, amid concerns over Europe’s LNG supply security as US-Iran fighting intensifies.

The US carried out its 13th consecutive night of strikes on Iran, with President Donald Trump warning Tehran and its Houthi allies in Yemen of “major military punishment” if the group launches further attacks on vessels in the Red Sea.

UK gas prices have risen around 7% so far this week and surged more than 42% so far in July, as curtailed LNG flows from the Persian Gulf intensified competition with Asian buyers, while hot weather across Europe boosted electricity demand for cooling.

These factors are making it more challenging for Europe to replenish its gas storage facilities ahead of winter.

Equinor, Europe’s largest gas supplier, said the bloc is unlikely to reach its 80% storage target before the heating season, leaving the market more vulnerable to sharp price swings when colder weather arrives.



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UK Natural Gas Falls But Stays Near 4-Month High
UK natural gas prices declined below 148 pence a therm on Friday but remained close to a four-month high, amid concerns over Europe’s LNG supply security as US-Iran fighting intensifies. The US carried out its 13th consecutive night of strikes on Iran, with President Donald Trump warning Tehran and its Houthi allies in Yemen of “major military punishment” if the group launches further attacks on vessels in the Red Sea. UK gas prices have risen around 7% so far this week and surged more than 42% so far in July, as curtailed LNG flows from the Persian Gulf intensified competition with Asian buyers, while hot weather across Europe boosted electricity demand for cooling. These factors are making it more challenging for Europe to replenish its gas storage facilities ahead of winter. Equinor, Europe’s largest gas supplier, said the bloc is unlikely to reach its 80% storage target before the heating season, leaving the market more vulnerable to sharp price swings when colder weather arrives.
2026-07-24
UK Natural Gas Prices Rise Further
UK natural gas prices rose further toward 152 pence per therm on Thursday, as escalating hostilities in the Middle East heightened concerns over Europe's LNG security ahead of winter. The US and Iran continued to trade strikes, with both sides playing down the prospect of peace talks, raising the risk of prolonged disruptions to energy exports from the region. Iran-backed Houthi militants also entered the conflict, claiming to have targeted two Saudi Arabian tankers in the Red Sea. UK gas prices have surged to a four-month high, as reduced LNG supplies from the Persian Gulf increase competition with Asian buyers, while high temperatures across Europe are boosting power demand. Equinor, Europe's largest gas supplier, warned that the bloc is unlikely to reach its 80% gas storage target before the heating season, leaving the market more vulnerable to sharp price volatility when colder weather arrives.
2026-07-23
UK Natural Gas Extends Gain
UK natural gas prices climbed past 149 pence per therm on Wednesday, reaching a fresh four-month high as the US and Iran continued to exchange strikes while President Donald Trump downplayed the likelihood of imminent talks. Trump said Iran “desperately wants to meet” but added that the US had no interest in talks. Iran, however, rejected these claims. Trump also warned of retaliation if Iran-backed Houthi rebels disrupted shipping in the Red Sea and renewed threats to attack a suspected Iranian nuclear site at Pickaxe Mountain. The escalating conflict has disrupted tanker traffic through the Strait of Hormuz and curtailed LNG exports from the Gulf, fueling concerns over tighter global gas supplies. Europe is currently in the process of refilling storage facilities ahead of the heating season, and reduced LNG availability from the Gulf could force the bloc into more intense and costly competition with Asian buyers for available cargoes.
2026-07-22