UK Natgas Prices Rise Amid Supply Concerns
UK natural gas prices rose back above 203 pence per therm on Wednesday after falling in the previous session, returning to levels close to 2022 highs as supply concerns persist ahead of the winter heating season. Military tensions have kept the Strait of Hormuz largely inaccessible to commercial shipping, keeping Qatari LNG export flows severely ...
UK natural gas prices surged above 203 pence per therm on Wednesday, after declining the prior day, and reached levels reminiscent of 2022's peak as supply worries persist prior to the winter heating season. The Strait of Hormuz remains largely blocked to commercial vessels due to military tensions, severely limiting Qatari LNG exports and restricting supplies to Europe.
European gas storage facilities currently sit at 68% capacity, falling short of the seasonal average as inventories usually approach maximum levels at this time. Supply security concerns were heightened by JERA Global CEO Yukio Kani, who cautioned that Europe's low inventories make the region susceptible to prolonged disruptions and intensified competition for LNG shipments.
Concurrently, planned maintenance at Norwegian gas facilities is temporarily curtailing pipeline supplies to Europe, further tightening near-term supply.
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.
