UK natural gas futures consolidated around the 450-pence-a-them mark, a level not seen since their March peak, underpinned by prospects of further supply disruptions and elevated demand from the EU. A historic drought triggered by an arid summer that set heat records across Europe threatens to halt energy shipments along the Rhine River, exacerbating concerns in an already tight market. On top of that, Russia's Gazprom reduced flows through the Nord Stream pipeline, citing issues with turbines, delivering only 33 million cubic meters daily, roughly 20% of its capacity, forcing European buyers to find replacements like LNG. Still, the channels linking Britain to the EU have been working at maximum capacity. The UK has been using its excess regasification capacity to import more LNG and resell it as natural gas to Europe.
Historically, UK Natural Gas reached an all time high of 800 in March of 2022. UK Natural Gas - data, forecasts, historical chart - was last updated on August of 2022.
UK Natural Gas is expected to trade at 449.63 GBp/Thm by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 659.17 in 12 months time.