UK Gas Hits 21-week High

UK natural gas prices held recent gains, hovering above 157 pence per therm on Wednesday, as concerns over a potential winter supply crunch intensified amid a lack of progress on a deal to reopen the Strait of Hormuz. President Donald Trump said that no talks with Iran are currently taking place or scheduled and that the US naval blockade remains in full force. He added that the strait is open and operating, in contrast to Iran’s position that the key waterway will remain closed until Washington meets its conditions. Traffic through the waterway has fallen to a standstill, stranding Qatari LNG tankers and delaying deliveries to Europe. The reduced inflow, combined with summer heatwaves that have boosted demand for gas-fired power generation for cooling, is slowing the seasonal buildup of gas inventories. As a result, traders are increasingly concerned that Europe could enter the winter heating season with insufficient reserves, keeping upward pressure on gas prices.

UK Gas increased to 157.60 GBp/thm, the highest since March 2026. Over the past 4 weeks, Natural Gas UK gained 11.22%, and in the last 12 months, it increased 104.81%.

UK natural gas prices climbed to around 154 pence per therm on Tuesday, extending gains from previous sessions amid fading hopes for a Middle East peace deal that could facilitate the reopening of the Strait of Hormuz. President Trump said he was in no rush to resolve the conflict and warned of military action against Oman if it obstructed US efforts to reach an agreement with Iran. Also, talks between Iranian and Omani officials over a provisional framework to manage shipping through the strait have yet to yield any concrete results. The continued maritime blockade has delayed LNG shipments from Qatar, limiting supplies available to Europe. At the same time, intense heatwaves across parts of Europe have boosted gas-fired power demand for air conditioning. These factors are slowing the pace of inventory replenishment, leaving European storage levels under greater pressure ahead of the winter heating season.