US natural gas prices climbed toward $3.30 per MMBtu on Thursday, as the ongoing military conflict in the Middle East continues to reshape global energy expectations despite record domestic output. While the market recently absorbed a storage withdrawal of 41 billion cubic feet—below typical seasonal levels—the main driver remains concern over supply disruptions in the Persian Gulf.
The continued closure of the Strait of Hormuz and the indefinite suspension of production at Qatar’s massive Ras Laffan complex have lifted international gas prices, even as the United States remains partially insulated due to limited export capacity. Investors are closely tracking reports of renewed drone attacks on key shipping lanes, which have undercut recent optimism about a potential diplomatic breakthrough.
Although the International Energy Agency has released substantial emergency reserves, the persistent threat to global gas flows is helping to put a floor under futures prices, as traders brace for an extended period of geopolitical uncertainty.