UK Gas Hits 17-week High

UK Gas increased to 154.73 GBp/thm, the highest since March 2026. Over the past 4 weeks, Natural Gas UK gained 60.1%, and in the last 12 months, it increased 89.13%.

UK natural gas prices climbed back above 150 pence per therm on Friday, hovering at a four-month high, amid concerns over Europe’s LNG supply security as US-Iran fighting intensifies. The US carried out its 13th consecutive night of strikes on Iran, with President Donald Trump warning Tehran and its Houthi allies in Yemen of “major military punishment” if the group launches further attacks on vessels in the Red Sea. UK gas prices have risen over 8% so far this week and surged about 44% so far in July, as curtailed LNG flows from the Persian Gulf intensified competition with Asian buyers, while hot weather across Europe boosted electricity demand for cooling. These factors are making it more challenging for Europe to replenish its gas storage facilities ahead of winter. Equinor, Europe’s largest gas supplier, said the bloc is unlikely to reach its 80% storage target before the heating season, leaving the market more vulnerable to sharp price swings when colder weather arrives.

UK natural gas prices rose further toward 152 pence per therm on Thursday, as escalating hostilities in the Middle East heightened concerns over Europe's LNG security ahead of winter. The US and Iran continued to trade strikes, with both sides playing down the prospect of peace talks, raising the risk of prolonged disruptions to energy exports from the region. Iran-backed Houthi militants also entered the conflict, claiming to have targeted two Saudi Arabian tankers in the Red Sea. UK gas prices have surged to a four-month high, as reduced LNG supplies from the Persian Gulf increase competition with Asian buyers, while high temperatures across Europe are boosting power demand. Equinor, Europe's largest gas supplier, warned that the bloc is unlikely to reach its 80% gas storage target before the heating season, leaving the market more vulnerable to sharp price volatility when colder weather arrives.