UK Natural Gas Prices Drop to Over 2-Week Low

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UK natural gas futures fell to around 113.6 pence per therm, the lowest level in more than two weeks, as traders assessed the back-and-forth developments surrounding a potential deal between the US and Iran.

The US military reportedly carried out fresh strikes against Iranian targets near the Strait of Hormuz, which a military spokesperson described as acts of self-defense.

US Secretary of State Marco Rubio also noted that negotiations would take a few days as both sides continue discussions over the wording of the initial document.

Earlier, President Donald Trump stated that talks were “proceeding nicely,” however warned of greater attacks if talks failed.

while most gaseous from the Persian Gulf goes to Asia, the disruption has tightened global supply and intensified competition, fueling concerns in Europe as the region needs to replenish inventories before next winter. Source: Trading Economics

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