Progress in US-Iran negotiations boosts shipping in the Strait of Hormuz; UK natural gas prices fall to 97 pence, nearing a more than two-month low

汇通财经2026/06/25 07:03

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⑴ UK natural gas prices have fallen to around 97 pence per therm, approaching their lowest level in over two months, as signs of normalization in shipping activity through the Strait of Hormuz emerged following progress in peace talks between the US and Iran. Earlier this week, three stranded very large crude carriers successfully passed through the waterway, and in recent weeks, several empty Qatari LNG vessels have entered the Gulf region for reloads—indicating that natural gas transport could resume. ⑵ In addition, Qatar's Prime Minister stated that, except for damaged facilities, LNG production is expected to return to normal within weeks. The prospect of resuming LNG flows in the Gulf region has alleviated supply shortage concerns and may help Europe replenish inventories ahead of next winter. ⑶ These developments offset the support from strong power sector demand amid hot European weather and low wind speeds.

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OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.

华尔街见闻•2026/11/11 17:31