UK Natural Gas Bounces Back

2026-08-04 06:32 By Judith Sib-at 1 min. read

UK natural gas prices rose past 145 pence per therm on Tuesday, recovering from the previous session's losses amid uncertainty over renewed US-Iran diplomacy following mixed signals from both sides.

President Trump said on Monday that talks were underway, warning that Iran had a last chance to reach a deal and avoid large-scale air strikes.

Tehran, however, denied holding talks with Washington, although it said discussions with Oman to ensure safe passage through Hormuz were progressing.

Another reported attack on a commercial vessel in the waterway further highlighted ongoing security risks.

The conflict has disrupted roughly one-fifth of global LNG supply, intensifying competition between European and Asian buyers for cargoes and slowing the pace of Europe's gas storage replenishment.

European storage levels have fallen to their lowest for this time of year in nearly two decades, heightening concerns over the region's gas supply security as the heating season draws closer.



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UK Natural Gas Bounces Back
UK natural gas prices rose past 145 pence per therm on Tuesday, recovering from the previous session's losses amid uncertainty over renewed US-Iran diplomacy following mixed signals from both sides. President Trump said on Monday that talks were underway, warning that Iran had a last chance to reach a deal and avoid large-scale air strikes. Tehran, however, denied holding talks with Washington, although it said discussions with Oman to ensure safe passage through Hormuz were progressing. Another reported attack on a commercial vessel in the waterway further highlighted ongoing security risks. The conflict has disrupted roughly one-fifth of global LNG supply, intensifying competition between European and Asian buyers for cargoes and slowing the pace of Europe's gas storage replenishment. European storage levels have fallen to their lowest for this time of year in nearly two decades, heightening concerns over the region's gas supply security as the heating season draws closer.
2026-08-04
UK Natural Gas Slides After Trump Halts Iran Strikes
UK natural gas prices dropped more than 2% to around 141 pence per therm on the first trading day of August after President Donald Trump called off a planned weekend attack on Iran, saying Tehran and other Middle Eastern nations had assured him they were working toward a deal. Trump added that negotiations between the parties are set to begin later today, providing some relief after days of escalating tensions that had driven energy prices sharply higher. However, traders remain on edge after an explosion was reported near a tanker off the coast of Oman. UK natural gas prices soared more than 38% in July as renewed fighting heightened concerns over LNG supplies from the Persian Gulf and Europe’s ability to replenish gas inventories ahead of winter. European gas facilities ended last month about 55% full, lagging behind the pace needed to meet pre-winter targets before the heating season begins in November.
2026-08-03
UK Natural Gas Prices Drop Further
UK natural gas prices fell to around 140 pence per therm on Friday, extending Thursday’s decline amid signs of improving shipping conditions through the Strait of Hormuz despite regional tensions and steady LNG arrivals in Europe. Qatar sent its first LNG tanker through the waterway in more than three weeks, raising hopes that exports from one of the world's largest LNG suppliers could gradually resume. Increased LNG arrivals into Northwest Europe and stable pipeline flows from Norway, also helped ease supply concerns. Despite the recent pullback, UK gas prices remain more than 34% higher in July, as renewed US-Iran hostilities disrupted Persian Gulf supplies while heatwaves boosted electricity demand, limiting Europe's ability to replenish inventories ahead of winter. European storage facilities are about 55% full, below the seasonal five-year average and behind the pace needed to comfortably meet pre-winter storage targets before the heating season begins in November.
2026-07-31