UK Natgas Prices Hover Near Multi-Year Highs

2026-09-11 06:28 By Judith Sib-at 1 min. read

UK natural gas prices dropped to 201 pence a therm on Friday but stayed close to their highest level since December 2022, amid persistent disruptions to LNG supplies from the Persian Gulf.

Fighting between the US and Iran has intensified over the past two weeks, centering on who controls the Strait of Hormuz.

The ongoing blockade has already disrupted around 20% of global LNG flows, primarily affecting shipments from Qatar.

Europe has struggled to rebuild its depleted inventories, with storage sites around 67% full, below historical norms.

While the European Commission said there's no immediate risk to gas security this winter, a sustained disruption to Gulf LNG supplies could further tighten global supply and force Europe to compete more aggressively with Asia and other buyers for alternative cargoes, potentially driving prices even higher as heating demand begins to increase.

Despite Friday's decline, UK gas prices are still over 12% higher this week, marking their fifth weekly gain.



News Stream
UK Natgas Prices Hover Near Multi-Year Highs
UK natural gas prices dropped to 201 pence a therm on Friday but stayed close to their highest level since December 2022, amid persistent disruptions to LNG supplies from the Persian Gulf. Fighting between the US and Iran has intensified over the past two weeks, centering on who controls the Strait of Hormuz. The ongoing blockade has already disrupted around 20% of global LNG flows, primarily affecting shipments from Qatar. Europe has struggled to rebuild its depleted inventories, with storage sites around 67% full, below historical norms. While the European Commission said there's no immediate risk to gas security this winter, a sustained disruption to Gulf LNG supplies could further tighten global supply and force Europe to compete more aggressively with Asia and other buyers for alternative cargoes, potentially driving prices even higher as heating demand begins to increase. Despite Friday's decline, UK gas prices are still over 12% higher this week, marking their fifth weekly gain.
2026-09-11
UK Natural Gas Moves Higher Amid Supply Worries
UK natural gas prices rose to 200 pence per therm on Thursday for the first time since the end of 2022, amid rising concerns over the region’s gas supply outlook. European gas inventories remain below historical norms as escalating attacks in the Middle East continue to disrupt LNG shipments through the Strait of Hormuz, a critical route handling roughly 20% of global gas flows, mainly from Qatar. In the latest development, Iran said it had struck more than a dozen vessels attempting to pass through the strait and warned that it would step up attacks if Washington continued strikes on its territory, heightening fears of deeper and more prolonged supply disruptions. Meanwhile, maintenance in Norway and lower Algerian flows to Italy are also limiting pipeline supplies to Europe. These supply risks come as Europe nears the end of its summer storage injection season, threatening to further intensify competition for global gas supplies during the winter.
2026-09-10
UK Natgas Prices Rise Further as Middle East Hostilities Continue
UK natural gas prices rose toward 198 pence per therm on Wednesday, marking a fourth session of gains and reaching their highest level since December 2022, as continuing strikes in the Middle East heightened concerns over further supply disruptions. The US military said it destroyed five Iranian oil tankers near Kharg Island on Tuesday in response to attacks on its warships, while Tehran retaliated against US targets in Jordan. Iran-backed Houthi militants in Yemen also launched drones and missiles at energy facilities in southern Saudi Arabia. These underscored mounting challenges to restoring normal traffic through the Strait of Hormuz. The sustained disruptions have forced Qatar to suspend shipments and extend force majeure on cargoes to Europe and Asia through autumn. The reduced LNG deliveries have slowed European storage injections, with gas inventories remaining below the seasonal average, leaving the market increasingly vulnerable as the winter heating season approaches.
2026-09-09