UK Natural Gas Bounces Back

UK natural gas prices rose past 143 pence per therm on Tuesday as uncertainty over renewed US-Iran diplomacy remains amid 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 gas 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.





