US natural gas futures rose to around $3.2 per MMBtu, building on its advance from the previous session, as markets remained focused on the Middle East conflict. Iran has said it will only consider a ceasefire if the US guarantees that neither Washington nor Israel will strike again, a condition the US is unlikely to accept, dimming near-term prospects. The war has previously shut the world’s largest LNG export terminal, Ras Laffan in Qatar, which is now running at its longest outage since at least 2008, while the critical Strait of Hormuz remains closed. Still, US natural gas prices have been relatively insulated compared with other global benchmarks, supported by ample domestic supply and LNG export capacity nearing its limit. Meanwhile, global efforts to curb surging energy prices have failed to offer relief, despite the IEA unveiling coordinated plans for an unprecedented release from strategic oil reserves.
