UK Natural Gas Prices Hover Near 2022 High

2026-10-14 06:37 By Judith Sib-at 1 min. read

UK natural gas prices fell to 213 pence per therm on Wednesday, but remained near their highest levels since 2022, as Middle Eastern LNG exports remained constrained and gas storage levels were still low.

Although countries including the US, Canada, and Nigeria have increased LNG exports, curtailed supplies from the Persian Gulf has intensified competition for spot cargoes, limiting availability for Europe and making it harder for the region to rebuild inventories.

Europe’s gas storage facilities are 73.94% full, still below historical averages.

Exacerbating the problem, forecasts point to cooler autumn, which could drive up heating demand and prompt earlier withdrawals from storage.

Meanwhile, growing renewable output in the UK has reduced dependence on gas-fired electricity, but the country remains exposed to fuel price swings.



News Stream
UK Natural Gas Prices Hover Near 2022 High
UK natural gas prices fell to 213 pence per therm on Wednesday, but remained near their highest levels since 2022, as Middle Eastern LNG exports remained constrained and gas storage levels were still low. Although countries including the US, Canada, and Nigeria have increased LNG exports, curtailed supplies from the Persian Gulf has intensified competition for spot cargoes, limiting availability for Europe and making it harder for the region to rebuild inventories. Europe’s gas storage facilities are 73.94% full, still below historical averages. Exacerbating the problem, forecasts point to cooler autumn, which could drive up heating demand and prompt earlier withdrawals from storage. Meanwhile, growing renewable output in the UK has reduced dependence on gas-fired electricity, but the country remains exposed to fuel price swings.
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