UK Natgas Prices Remain Near Multi-Year Highs
UK natural gas prices dropped below 196 pence per therm on Thursday but remained close to its highest level in more than three years, amid rising concerns over the region’s gas supply outlook. European gas inventories remain below historical norms as escalating attacks in the Middle East continue to disrupt LNG shipments through the Strait ...
Natural gas prices in the UK have lingered near their highest levels in over three years, despite a brief dip below 196 pence per therm. This price stability stems from growing apprehensions about the region's gas supply future. European gas reserves are still below typical levels, as ongoing Middle Eastern attacks persistently disrupt liquefied natural gas (LNG) shipments through the strategically vital Strait of Hormuz. This crucial route carries about 20% of global gas flows, primarily sourced from Qatar.
The latest development involves Iran, which claimed responsibility for attacking 10 ships near the strait and threatened to escalate attacks if the United States continued its actions against Iran. This has fueled concerns about more severe and prolonged supply interruptions. Additionally, maintenance in Norway and reduced Algerian gas deliveries to Italy are further straining European pipeline supplies.
As Europe wraps up its summer storage injection period, the competition for global gas supplies could intensify significantly during the winter months.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
