UK natural gas climbs toward 194 pence/therm on supply-strike risks
UK natural gas prices rose toward 194 pence per therm for a fourth session, the highest since December 2022. Strikes and retaliation involving tankers, Saudi energy facilities and shipping disruptions have raised supply concerns.
UK natural gas prices climbed toward 194 pence per therm on Wednesday, a fourth straight session of gains and the highest since December 2022, as strikes in the Middle East kept supply disruption risks elevated. The US military said it destroyed five Iranian oil tankers near Kharg Island on Tuesday after attacks on its warships, while Tehran retaliated against US targets in Jordan. Iran-backed Houthi militants in Yemen also launched drones and missiles at energy facilities in southern Saudi Arabia. The disruptions have complicated efforts to restore normal traffic through the Strait of Hormuz.
Qatar has suspended shipments and extended force majeure on cargoes to Europe and Asia through autumn, while reduced LNG deliveries have slowed European storage injections and left inventories below the seasonal average ahead of the winter heating season.