Dutch and UK gas rose on Friday as stalled US‑Iran talks and low European
inventories heightened supply concerns. ICE data showed the TTF front-month up
€0.545 at €65.84/MWh, touching €66.09 intraday — a five-month high. The UK
front-month gained 1.49 pence to 162.72 pence/therm, peaking at 163.02 pence
intraday (five-month high). LSEG analyst Saku Jussila said markets remain
bullish on potential Strait of Hormuz disruptions and low winter stocks. LNG
flows through the Strait of Hormuz have been constrained since late February and
European gas storage is 61.82% full, according to European gas infrastructure
data. Morgan Stanley analysts said the window to rebuild stocks before the
heating season is closing and that early-winter supply tightness is largely set
— even if the Middle East conflict eases, this could support H2 2026 prices.