UK Gas fell to 76.96 GBp/thm on June 30, 2025, down 1.29% from the previous day. Over the past month, UK Gas's price has fallen 5.35%, and is down 1.38% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. UK Natural Gas - values, historical data, forecasts and news - updated on June of 2025.

Between 2003 and 2013, the production of natural gas in the United Kingdom was in a state of steady decline. However, in the following years production began to increase, and by 2020 amounted to 39.5 billion cubic meters. Figures dropped to 34.5 billion cubic meters in 2023. Despite these declines, the UK remains a major gas producing country. In Europe, it is only second behind Norway, where the majority of UK gas imports originate from. Gas consumption Much like production, the consumption of natural gas has seen an overall decline since 2003, falling to a low of 70 billion cubic meters. However, in the preceding years consumption saw a gradual increase, and amounted to 81 billion cubic meters in 2016. This was the highest level since 2012. An important role in the energy mix Despite production and consumption declining, natural gas still plays a major role in the UK’s fuel mix. In 2018, natural gas made up approximately 41 percent of the total fuel mix. In 2021, nearly 22 million metric tons of oil equivalent of gas were used in the generation of electricity.

Key information about United Kingdom Natural Gas: Consumption

• United Kingdom Natural Gas: Consumption was reported at 6.144 Cub ft/Day bn in Dec 2023
• This records a decrease from the previous number of 6.859 Cub ft/Day bn for Dec 2022
• UK Natural Gas: Consumption data is updated yearly, averaging 6.504 Cub ft/Day bn from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 9.841 Cub ft/Day bn in 2004 and a record low of 0.081 Cub ft/Day bn in 1966
• UK Natural Gas: Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.NS: Natural Gas: Consumption

Key information about United Kingdom Natural Gas: Imports

• United Kingdom Natural Gas: Imports was reported at 45,421.213 Cub m mn in Dec 2023
• This records a decrease from the previous number of 56,524.000 Cub m mn for Dec 2022
• UK Natural Gas: Imports data is updated yearly, averaging 11,550.000 Cub m mn from Dec 1975 to 2023, with 49 observations
• The data reached an all-time high of 56,524.000 Cub m mn in 2022 and a record low of 900.000 Cub m mn in 1998
• UK Natural Gas: Imports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.NG: Natural Gas Imports

In 2023, demand of natural gas in the United Kingdom amounted to 701.2 terawatt hours, a decrease of nearly 10.5 percent compared to the previous year. During the period in consideration, figures decreased by almost 400 terawatt hours, and reached the record low in 2023.

In the first half of 2020, the electricity prices for household end users (including taxes, levies, and VAT) in the United Kingdom did not change in comparison to the previous six months. The electricity prices for household end users (including taxes, levies, and VAT) remained at 0.05 euro cents per kWh.The prices include gas basic price, transmission, system services, meter rental, distribution and other services.

Daily data showing SAP of gas, and rolling seven-day average, traded in Great Britain over the On-the-Day Commodity Market (OCM). These are official statistics in development. Source: National Gas Transmission.

Natural gas producers are facing turbulent times. Europe has traditionally relied on Russia and Norway as internal sources of natural gas, while countries such as the US, Qatar and Algeria are major sources of imports (although accounting for a much smaller share of overall consumption). Russia’s invasion of Ukraine has shaken up Europe’s natural gas supply structure, with European governments making efforts to reduce their dependence on Russian gas supplies. Revenue is forecast to swell at a compound annual rate of 16.2% to €113.9 billion over the five years through 2025. Revenue expanded in 2021 and 2022 as a sharp hike in natural gas prices and a post-pandemic rise in demand drove an increase in exploration and production activity. Russia’s invasion of Ukraine led to a spike in natural gas prices, with the impacts of reduced demand for gas and a decrease in Russian gas production outweighed by soaring wholesale prices and heightened demand for other natural gas reserves, spurring a jump in revenue. An ongoing reduction in demand for natural gas and easing prices caused revenue to dip in 2023 and 2024. In 2025, revenue is slated to bounce back by 53.3% owing to geopolitical uncertainties, including trade wars and fresh sanctions on Russia, buoying natural gas prices. Revenue is forecast to rise at a compound annual rate of 2.3% over the five years through 2030 to just under €128 billion. The gas market will continue to be shaped by geopolitical tensions into the medium term, with the International Energy Agency expecting natural gas prices to remain high until 2025 as countries continue to shift their supply structure. Following this, natural gas demand and prices are set to fall as Europe continues to expand its renewables capacity.

Europe’s petroleum and natural gas extraction support services’ revenue is forecast to contract at a compound annual rate of 3.8% over the five years through 2024 to €62.1 billion. Widespread disruption caused by the COVID-19 pandemic weighed heavily on extraction and exploration activity in downstream oil and gas markets as poor demand conditions caused prices to plummet, disincentivising new investment and causing support service contractors to offer price concessions to customers, compounding the industry’s weak revenue performance and weighing on profitability. Demand has increased since lockdown restrictions eased, supporting revenue over 2021 and 2022. Russia’s invasion of Ukraine led to significant price increases in both oil and gas due to supply uncertainties. This also led to Norway becoming Europe’s largest natural gas supplier in 2022, supporting revenue opportunities for Norwegian contractors. Norway has also increased the level of investment into new oil and gas fields to alleviate uncertainties regarding supply following trade restrictions placed on Russian oil and gas. Nonetheless, weakening demand and falling oil and gas prices have contributed to an expected revenue slump of 20.3% in 2024. Over the five years through 2029, revenue is forecast to climb at a compound annual rate of 7% to €87.2 billion. New investments into oil and gas fields will provide contractors with new revenue opportunities, supporting revenue growth and expanding profitability. However, ongoing efforts across Europe to meet environmental and emissions targets, like net zero by 2050, will continue to threaten demand for oil and gas, somewhat limiting revenue growth.

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The Gas Utilities industry in Europe has been anything but steady recently. The Russia-Ukraine war has rocked the whole supply chain, with Russia tightening its gas supply, Europe hustling to cut its reliance on Russian gas and gas prices shooting up following the initial invasion. Amid unprecedented price increases and threats to the supply of gas into Europe, European governments have been forced to step in to support customers and protect energy supplies. All that aside, the industry remains threatened by a long-term decline in gas consumption and accelerating efforts to transition to renewable sources of energy. Revenue is forecast to drop at a compound annual rate of 1.7% over the five years through 2024, reaching €390.5 billion. This growth is almost solely attributable to a spike in revenue recorded during 2022, which followed a recovery from pandemic-induced lows during 2021 when prices and demand recovered as global economic activity rebounded. Russia’s invasion of Ukraine kicked off a period of significant disruption in energy markets, with a surge in gas prices leading to record revenue and profitability for gas manufacturers while causing substantial losses for gas suppliers. Wholesale prices have eased from record highs as European governments have reduced reliance on Russian gas. At the same time, a drop in demand for gas has also contributed to a revenue contraction since the height of the energy crisis. Revenue is set to decline by 5.4% in 2024. Revenue is forecast to increase at a compound annual rate of 1% to €410.7 billion over the five years through 2029. European markets are set to pursue a green revolution in the coming years, with investment in renewable energy sources gathering pace as European governments strive towards emissions reduction targets. Investment in green alternatives to natural gas is likely to lead to a fall in demand, with plans set out by the European Commission to at least triple solar thermal capacity by 2030, displacing the consumption of nine billion cubic metres of gas annually. Gas prices are forecast to continue to rise until 2025, as Europe diversifies its gas supplies, before falling rapidly as renewable generation capacity rises.

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

The oil and gas support activities industries include a wide range of products and services, like geological observations, well drilling and spudding, used by oil and gas companies from the prospecting to the decommissioning stage of their operations. Industry revenue is expected to climb at a compound annual rate of 2.5% to £7.6 billion over the five years through 2024-25, including a 2.6% hike in 2024-25, when the average profit margin is projected to drop to 3.8%. Oil and gas support companies' revenue is highly susceptible to fluctuations in oil and gas prices, which is why the COVID-19 pandemic and the Russian invasion of Ukraine have wreaked havoc on the industry. The pandemic led to a significant proportion of investment being deferred due to historically low oil prices over 2020-21. The Russian invasion of Ukraine in February 2022 led to oil and gas prices skyrocketing as concerns about supply spread rapidly. The ongoing conflict and sanctions led to a sharp expansion in exploration activity and the need for support services, lifting revenue in 2021-22 and 2022-23. However, growing global oil supplies produced mainly in America are pushing oil prices down in 2024-25 despite OPEC+ supply cuts to attempt to keep prices up. If prices continue to drop, this might threaten investment in oil and gas exploration and extraction, hitting support activity companies. Growing policy uncertainty is also threatening investment in 2024-25 as possible tax hikes hit oil and natural gas companies’ confidence in the profitability of North Sea operations. Revenue is forecast to grow at a compound annual rate of 3.4% to just over £9 billion over the five years through 2029-30. This is mostly due to a fast-growing need for decommissioning activity in the North Sea due to many projects in the region approaching the end of their life cycle. Revenue from other support activities like well drilling is likely to fall in the following years, which is in line with the observed trend of UK well drilling. Government incentives will result in strong demand for cleaner practices that reduce emissions, as the sector has committed to cutting emissions by 50% by the end of 2030.

In 2023, net imports of natural gas in the United Kingdom amounted to 319 terawatt hours, down by 11 percent from the previous year. In the period of consideration, figures oscillated, peaking at 484.8 terawatt hours in 2021.