UK Natural Gas Prices Ease

2026-10-09 06:43 By Judith Sib-at 1 min. read

UK natural gas prices fell to 193 pence per therm, easing from an over three-week high after President Trump ruled out attacks on Iran before the US midterm elections, alleviating fears of an escalation to the conflict.

However, continued attacks on Gulf shipping raised fresh concerns over transit safety.

Meanwhile, cooler weather forecasts for Northwestern Europe could lift heating demand.

While Europe's gas inventories have risen steadily in recent weeks, storage facilities are around 73% full, still below year-ago levels.

The region’s gas network operators said the system is flexible enough to meet winter demand but warned that limited LNG supplies could push storage below 30% by winter’s end, increasing vulnerability to late-season cold snaps.

In Britain, strong wind generation in September reduced reliance on gas-fired power, but the country remains exposed to broader price pressures.

Despite Friday’s decline, UK gas prices rose over 2% this week, marking a second weekly gain.



News Stream
UK Natural Gas Prices Ease
UK natural gas prices fell to 193 pence per therm, easing from an over three-week high after President Trump ruled out attacks on Iran before the US midterm elections, alleviating fears of an escalation to the conflict. However, continued attacks on Gulf shipping raised fresh concerns over transit safety. Meanwhile, cooler weather forecasts for Northwestern Europe could lift heating demand. While Europe's gas inventories have risen steadily in recent weeks, storage facilities are around 73% full, still below year-ago levels. The region’s gas network operators said the system is flexible enough to meet winter demand but warned that limited LNG supplies could push storage below 30% by winter’s end, increasing vulnerability to late-season cold snaps. In Britain, strong wind generation in September reduced reliance on gas-fired power, but the country remains exposed to broader price pressures. Despite Friday’s decline, UK gas prices rose over 2% this week, marking a second weekly gain.
2026-10-09
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