UK natural gas futures increased to over 72 pence a therm from a two-week low, mainly due to supply disruptions in Norway and Britain. Reduced gas flow from Norway and unplanned shutdowns at key UK facilities like Bacton Seal and Bacton Perenco led to supply constraints. Further maintenance in Norway expected starting Thursday is likely to worsen supply conditions. Market support was also boosted by an unexpected outage at Norway's Hammerfest LNG terminal. Despite these issues, the potential for significant price hikes is limited by forecasts of warmer weather after a cold spell. The US resuming LNG exports also shows progress in stabilizing global gas supply concerns.
UK Gas decreased 6.47 GBp/Thm or 8.02% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 April 26 of 2024.
UK Gas decreased 6.47 GBp/Thm or 8.02% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. UK Natural Gas is expected to trade at 82.98 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 100.38 in 12 months time.