25.06.202606:57:28UTC+00UK Gas Prices Edge Lower

UK natural gas prices fell to about 97 pence per therm, approaching their lowest level in more than two months, as shipping conditions in the Strait of Hormuz showed signs of returning to normal amid progress in US-Iran peace talks. Earlier this week, three previously stranded crude oil supertankers successfully passed through the waterway, and in recent weeks several empty Qatari LNG carriers have entered the Gulf to reload, pointing to a possible recovery in gas shipments. In addition, Qatar’s Prime Minister said LNG output should largely return to normal within a few weeks, excluding the damaged facility. The prospect of renewed LNG flows from the Gulf has eased concerns about a potential supply crunch and may support Europe’s efforts to rebuild gas inventories ahead of next winter. These factors have outweighed the price support from robust power-sector demand driven by hot weather and low wind generation across Europe.