UK Gas Prices Hit Fresh Multi-Year High Amid Tight Supply

2026-10-23 07:51 By Judith Sib-at 1 min. read

UK natural gas prices climbed toward 230 pence per therm, reaching a fresh 2022 high amid tightening global supply.

Ongoing disruptions to LNG supplies from the Middle East have driven British gas prices to three times their levels at the start of the year.

Adding to concerns, gas output in the North Sea, which accounts for about a third of the nation’s winter demand, is projected to fall by about 5%, according to the UK’s gas-grid operator.

To compensate for this, LNG imports are forecast to increase by 5%, while Norwegian pipeline deliveries are expected to rise by 1%.

While the gas network operator indicated that the country would have adequate supply capacity even under worse-case scenarios, robust LNG demand could intensify competition for cargoes and push prices even higher.

Meanwhile, additional production from the newly approved Jackdaw field may offer some relief, as it is expected to start supplying gas to the UK by the end of this month.



News Stream
UK Gas Prices Hit Fresh Multi-Year High Amid Tight Supply
UK natural gas prices climbed toward 230 pence per therm, reaching a fresh 2022 high amid tightening global supply. Ongoing disruptions to LNG supplies from the Middle East have driven British gas prices to three times their levels at the start of the year. Adding to concerns, gas output in the North Sea, which accounts for about a third of the nation’s winter demand, is projected to fall by about 5%, according to the UK’s gas-grid operator. To compensate for this, LNG imports are forecast to increase by 5%, while Norwegian pipeline deliveries are expected to rise by 1%. While the gas network operator indicated that the country would have adequate supply capacity even under worse-case scenarios, robust LNG demand could intensify competition for cargoes and push prices even higher. Meanwhile, additional production from the newly approved Jackdaw field may offer some relief, as it is expected to start supplying gas to the UK by the end of this month.
2026-10-23
UK Natural Gas Prices Remain Elevated
UK natural gas prices rose above 220 pence per therm, hovering at their highest level in almost four years amid tight supply conditions. Gas exports from the Middle East, which accounted for around a fifth of global LNG supply before the war began, remained largely disrupted, with flows approximately 80% below year-earlier levels. Britain’s limited gas-storage capacity could be depleted during an exceptionally cold winter, as unusually low European gas reserves increase reliance on imported LNG. Government data show that, as of early October, the UK had storage capacity of about 3.2 billion cubic metres, leaving the country more exposed to price shocks. Meanwhile, the approval of the Jackdaw gas field could provide some relief, which is expected to start supplying gas to the UK by the end of this month and increase output by around 6% at its peak.
2026-10-21
UK Natural Gas Prices Hover at 2022 High
UK natural gas prices rose above 215 pence per therm, hovering at their highest level since late 2022, as Middle Eastern LNG exports remained constrained and gas storage levels were still low. Shipping disruptions through the Strait of Hormuz trapped almost 20% of global LNG shipments from the Persian Gulf. 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 around 74% 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.
2026-10-14