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2026.06.3006:48:48UTC+00UK Gas Prices Retreat

UK natural gas prices fell toward 101 pence per therm, giving back part of the previous session’s gains, as investors focused on upcoming US–Iran talks in Qatar following weekend strikes by both sides that had heightened supply concerns. President Donald Trump said negotiations with Tehran are due to resume today after both parties agreed to pause a series of retaliatory attacks in the Strait of Hormuz.

At the same time, hotter weather across Europe is boosting gas-fired power generation to meet increased air conditioning demand, further tightening supply conditions. The region continues to struggle to restore gas inventories to historical norms, with storage sites currently only about 48% full on average. This has raised concerns that Europe could enter the winter heating season with its lowest gas reserves in 15 years.

Despite the latest moves, UK gas prices are on track to finish the month down more than 8%, and to close the second quarter with a loss of around 21%.

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