UK natural gas prices rose more than 3% to above 108 pence a therm on Tuesday, recovering from the previous session’s losses, following reports that an LNG carrier was attacked while exiting the Strait of Hormuz. Iranian state television reported that the vessel came under attack after allegedly disregarding warnings, though it did not directly claim the assault. Also supporting prices, weather models indicate that another spell of extreme heat is set to hit Northwest Europe, which is expected to significantly boost air-conditioning use and power demand. The increase in demand comes as the region’s gas inventories remain relatively low, with storage facilities currently around 49% full, well below the nearly 60% level recorded at the same time last year. This has heightened concerns over whether Europe will be able to rebuild sufficient reserves ahead of winter.

Octalas AI

Profit

Everyone's racing to cut costs. We're racing to create profit.

Start Selling through Service

Start Trial

Free for 14 days · No credit card required