UK Natural Gas Prices Rise to Over 3-Week High

2026-10-08 07:09 By Judith Sib-at 1 min. read

UK natural gas prices climbed above 198 pence per therm, their highest level in more than three weeks, as continued tanker attacks in the Strait of Hormuz heightened supply concerns.

Iran has sharply increased attacks on commercial and energy vessels transiting the waterway, underscoring persistent shipping risks and threatening to disrupt the broader recovery in fuel deliveries.

Adding to the upward pressure, forecasts point to cooler weather across Northwestern Europe, which could boost heating demand and increase gas consumption.

This weather-driven support comes despite steady additions to European gas storage reserves, with facilities now around 73% full, although inventories remain below levels seen at the same point last year.

Meanwhile, the surge in Britain’s wind generation in September has reduced its reliance on gas-fired power generation, but this was not enough to insulate the country from the broader price pressures stemming from ongoing disruptions to Gulf supply.



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UK Natural Gas Prices Rise to Over 3-Week High
UK natural gas prices climbed above 198 pence per therm, their highest level in more than three weeks, as continued tanker attacks in the Strait of Hormuz heightened supply concerns. Iran has sharply increased attacks on commercial and energy vessels transiting the waterway, underscoring persistent shipping risks and threatening to disrupt the broader recovery in fuel deliveries. Adding to the upward pressure, forecasts point to cooler weather across Northwestern Europe, which could boost heating demand and increase gas consumption. This weather-driven support comes despite steady additions to European gas storage reserves, with facilities now around 73% full, although inventories remain below levels seen at the same point last year. Meanwhile, the surge in Britain’s wind generation in September has reduced its reliance on gas-fired power generation, but this was not enough to insulate the country from the broader price pressures stemming from ongoing disruptions to Gulf supply.
2026-10-08
UK Natural Gas Market Tightens on Supply Risks
UK natural gas prices rose above 190 pence a therm, up around 160% so far this year, as supply concerns intensified around the Strait of Hormuz. Britain is particularly exposed because it has limited gas-storage capacity and relies heavily on seaborne LNG imports when demand rises or renewable generation weakens. Europe has greater storage capacity but is also facing unusually low inventories, with facilities around 72% full versus a five-year seasonal average of 87%. Deliveries to the UK are about 4% below last year on a 30-day average, although imports have recovered from much sharper declines in August. Prolonged disruption through Hormuz is increasing competition between European and Asian buyers for LNG, around a fifth of which transited the waterway before the Iran war. QatarEnergy has extended its force majeure on supplies to Italy’s Edison until December, while Pakistan has received an extension into November.
2026-09-28
UK Natgas Prices Drop on Hormuz Deal Hopes
UK natural gas prices fell below 183 pence per therm on Friday, reversing part of the previous session’s gains amid reports of US-Iran discussions over a phased agreement to reopen the Strait of Hormuz and end the US blockade. The strait remains a major sticking point in efforts to resolve the nearly seven-month conflict, with neither side willing to relinquish control of the key waterway. LNG flows from the Persian Gulf remain severely disrupted, intensifying competition between Europe and Asia for limited supplies just as the region races to rebuild inventories ahead of the winter heating season. European gas storage is currently just over 70% full, still below both the seasonal norm and the region’s target, leaving the market vulnerable to further supply disruptions. UK gas prices have fallen about 7% over the week.
2026-09-25