UK natural gas prices fell to around 147 pence per therm on Thursday, retracing part of the previous session’s gains after reports that a Qatari LNG tanker had successfully passed through the Strait of Hormuz. The move raised hopes that liquefied natural gas exports from the Middle East’s largest supplier could gradually resume. It was the first such vessel reported to have cleared the waterway since a Qatari tanker was attacked more than three weeks ago.
Despite this, concerns over the safety of shipping through the strait remain elevated amid renewed regional conflict. US President Donald Trump vowed a strong response after Iran attacked US bases in Jordan, an escalation that followed joint US-Saudi strikes on Iran-backed militias in Iraq.
Earlier this week, QatarEnergy extended its force majeure declarations for European and Asian buyers, heightening competition between the two regions for available LNG cargoes. At the same time, heatwaves across Europe are driving up electricity demand, slowing the pace of gas storage replenishment.
