UK natural gas futures extended losses to 275 pence a therm, the lowest in two months, and booked a fourth consecutive weekly drop, down by over 5%, as investors focused on government measures aimed at curbing prices and looked past worries about energy supplies after President Putin ordered the partial mobilization of the Russian population. Natural gas prices have been falling since hitting a record level above 600 in August as governments stepped up efforts to ease prices. In the UK, the new Prime Minister Liz Truss announced an estimated £150bn package to ease the ongoing cost-of-living crisis, including capping domestic energy prices for households at £2,500 while limiting them for businesses. Still, supplies remain tight ahead of the autumn-winter season after Russia's Gazprom indefinitely shut down gas flows through its critical Nord Stream 1 pipeline and investors worry about the remaining major route through Ukraine.
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 September of 2022.
UK Natural Gas is expected to trade at 327.53 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 488.96 in 12 months time.