UK Natural Gas Futures Highest since January 2023

2026-03-09 12:46 By Agna Gabriel 1 min. read

UK natural gas futures surged above 145 pence per therm, the highest since January 2023, as the conflict in the Middle East continued to disrupt global energy markets.

The jump followed oil prices rising above $100 per barrel and the effective shutdown of shipping through the Strait of Hormuz, a key route for global energy exports.

Europe’s gas market is particularly exposed because storage levels were heavily drawn down during winter, meaning countries must now secure large volumes of LNG to refill reserves ahead of next winter.

This could trigger strong competition with Asian buyers for limited cargoes.

The UK is especially vulnerable due to its small storage capacity and strong reliance on imports.

Supply concerns intensified after the shutdown of QatarEnergy’s Ras Laffan LNG facility in Qatar, one of the world’s largest export hubs.

Analysts warn that if the outage continues for several weeks, the global gas market could shift from a projected surplus into a supply deficit.



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