20.03.202608:19:47UTC+00UK Natgas Prices Retreat

UK natural gas futures fell to around 150 pence per therm, retreating from their highest level in more than three years, after the US signaled potential steps to boost global energy supply. Treasury Secretary Scott Bessent indicated that Washington may soon lift sanctions on Iranian oil currently stranded on tankers and hinted at the possibility of additional releases from crude reserves. President Trump also said he would not deploy troops, while Israel pledged to halt further strikes on a key Iranian gas field.

The de-escalatory signals followed a sharp rise in tensions, after Iran retaliated for Israel’s attack on its South Pars gas field by striking Qatar’s Ras Laffan Industrial City, home to the world’s largest LNG export facility. At the same time, major European countries, Japan, and Canada have expressed their readiness to support measures to ensure safe passage for shipping through the Strait of Hormuz.

Despite the recent price pullback, investor sentiment remains fragile. The UK is heavily dependent on imported natural gas, and after a colder-than-normal winter, European storage levels are expected to be lower than usual, leaving the market vulnerable to further supply disruptions.