UK natural gas futures dropped more than 2% back below 100 pence per therm on Tuesday, reversing Monday’s gains amid prospects of continued US-Iran peace talks. Reports suggest Iran is set to participate in a second round of negotiations with the US in Islamabad after earlier expressing hesitation about taking part. Still, there remains uncertainty as President Trump indicated he is unlikely to extend the two-week ceasefire, which is set to expire on Wednesday, and reiterated that the Strait of Hormuz would remain closed until a deal is reached. The conflict has already disrupted around one-fifth of global LNG flows, although softer demand from Asia has helped reduce competition for cargoes. Also, National Gas recently indicated that domestic stocks should be sufficient to cover summer demand and could allow some exports to mainland Europe.

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