UK natural gas futures steadied near 106 pence per therm but remained close to their lowest level in more than six weeks, as hopes grew for an end to the Middle East war. President Donald Trump voiced optimism that a peace agreement with Iran was within reach and announced that Lebanon and Israel had agreed to a 10-day ceasefire. These developments helped calm fears surrounding energy flows, particularly amid the ongoing closure of the Strait of Hormuz. Still, traders cautioned that supply risks have not fully disappeared and noted that the recent drop in prices was largely due to softer demand from Asia, which has eased competition for LNG cargoes. In addition, National Gas, the country’s gas system operator, stated that domestic gas inventories are expected to be sufficient to meet summer demand and could even allow some gas to be exported to mainland Europe.
