The National Balancing Point (NBP), the UK's natural gas benchmark, amounted to 100.9 British pence per therm on March 17, 2025, for contracts with delivery in April. A month prior, prices had reached a 2-year-high amid colder weather and storage concerns. Prices are generally higher in the winter months due to greater gas heating demand, especially in weeks of colder weather. The UK NBP, along with the Dutch TTF, serve as benchmarks for natural gas prices in Europe. Impact on consumer prices and household expenditure post-2022 Fluctuations in wholesale natural gas prices often have immediate impacts on UK consumers. In 2023, the consumer price index for gas in the UK rose to 195 index points, using 2015 as the base year. This increase has translated into higher household expenditure on gas, which reached approximately 24.89 billion British pounds in 2023. This figure represents a 23 percent increase from the previous year and a staggering 91 percent rise compared to two years earlier, highlighting the growing financial burden on UK households. Consumption patterns and supply challenges The residential and commercial sector remain the largest consumers of natural gas in the UK, using an estimated 40.7 billion cubic meters in 2023. This was followed by the power sector, which consumed about 15 billion cubic meters. The UK's reliance on gas imports has grown due to declining domestic production. This shift has led to an increased dependence on liquefied natural gas imports and pipeline inflows to meet demand.

UK Gas decreased 26.27 GBp/Thm or 20.95% since the beginning of 2025, 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 March of 2025.

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.

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TTF Gas decreased 8.92 EUR/MWh or 17.69% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas TTF - values, historical data, forecasts and news - updated on March of 2025.

The average gas price in Great Britain in January 2025 was 123.02 British pence per therm. This was 50 pence higher than the same month the year prior and follows a trend of increasing gas prices. Energy prices in the UK Energy prices in the UK were exceptionally high in 2021-2022 due to an energy supply shortage as a result of lower pipeline supplies from Norway and Russia, as well as reduced LNG imports owing to greater purchases by customers in Asia. Multiple factors such as a lack of gas storage availability and the large share of gas in heating have exacerbated the supply issue in the UK. This led to multiple suppliers announcing bankruptcy, while an upped price cap threatened energy security of numerous households. The United Kingdom has some of the highest household electricity prices worldwide. How is gas used in the UK? According to a 2023 survey conducted by the UK Department for Energy Security and Net Zero, 58 percent of respondents used gas as a heating method during the winter months. On average, household expenditure on energy from gas in the UK stood at some 24.9 billion British pounds in 2023.

On March 7, 2025, the Henry Hub natural gas spot price amounted to 4.27 U.S. dollars per million British thermal units. In January 2025, a cold front was feared to impact refiners, leading to a spike in prices. The European gas benchmark Dutch TTF also rose amid colder weather. What is Henry Hub? The Henry Hub price is seen as the most important benchmark for the U.S. natural gas market. As of 1990, it has been used for pricing of natural gas traded on the New York Mercantile Exchange and later the Intercontinental Exchange. The hub in question is a distribution pipeline system in Louisiana and began operating in the 1950s. The highest Henry Hub annual average prices were recorded in 2005 and 2008, when they climbed to over eight U.S. dollars per million British thermal unit. Natural gas export prices In recent years, the U.S. has been incentivized to build up its liquefaction and LNG export capacities as it widens the potential customer pool. With sanctions on Russian energy imports, many European countries looked to the U.S. for procuring natural gas from 2022 onward. In line with Henry Hub pricing development, the monthly LNG export price also showed volatility depending on market and geopolitical events.

Graph and download economic data for Global price of Natural gas, EU (PNGASEUUSDM) from Jan 1990 to Feb 2025 about EU, gas, World, Europe, and price.

About the Project

KAPSARC is analyzing the shifting dynamics of the global gas markets. Global gas markets have turned upside down during the past five years: North America has emerged as a large potential future LNG exporter while gas demand growth has been slowing down as natural gas gets squeezed between coal and renewables. While the coming years will witness the fastest LNG export capacity expansion ever seen, many questions are raised on the next generation of LNG supply, the impact of low oil and gas prices on supply and demand patterns and how pricing and contractual structure may be affected by both the arrival of U.S. LNG on global gas markets and the desire of Asian buyers for cheaper gas.

Key Points

In the past year, global gas prices have dropped significantly, albeit at unequal paces depending on the region. All else being equal, economists would suggest that this should have generated a positive demand response. However, “all else” was not equal. Prices of other commodities also declined while economic growth forecasts were downgraded.

Prices at benchmark points such as the U.K. National Balancing Point (NBP), U.S. Henry Hub (HH) and Japan/Korea Marker (JKM) slumped due to lower oil prices, liquefied natural gas (LNG) oversupply and unseasonal weather. Yet, the prices of natural gas in local currencies have increased in a number of developing countries in Africa, the Middle East, Latin America, former Soviet Union (FSU) and Asia.

North America experienced demand growth while gas in Europe and Asia faced rising competition from cheaper coal, renewables and, in some instances, nuclear. Gains to European demand were mostly weather related while increases in Africa and Latin America were not significant.

For LNG, Europe became the market of last resort as Asian consumption declined. Moreover, an anticipated surge in LNG supply, brought on by several new projects, may lead to a confrontation with Russian or other pipeline gas suppliers to Europe. At the same time, Asian buyers are seeking concessions on pricing and flexibility in their long-term contracts.

Looking ahead, natural gas has to prove itself a credible and affordable alternative to coal, notably in Asia, if the world is to reach its climate change targets. The future of the gas industry will also depend on oil prices, evolution of Chinese energy demand and impact of COP21 on national energy policies. Current low prices mean there is likely to be a pause in final investment decisions (FIDs) on LNG projects in the coming years.

Global liquefied natural gas prices have shown less volatility in 2024 and 2025 than the years prior, with the benchmark price reaching 14.72 U.S. dollars per million metric British thermal units in February 2025. This figure represents an increase from the same period a year earlier. The global LNG benchmark, which is largely influenced by Asian market trading, particularly Indonesian LNG in Japan, serves as a key indicator for the industry's pricing trends. Natural gas prices become less volatile The Asian LNG market experienced less turbulence in 2023 compared to the previous year, with price volatility dropping to 75 percent. This relative stability followed an exceptionally volatile 2022, when LNG demand surged due to sanctions on Russian imports. The global natural gas price index, which encompasses European, Japanese, and American markets, stood at 207.9 index points in November 2024, showing an increase of nearly 20 points that month. This upward trend in natural gas prices contrasts with the comparatively lower crude oil price indices and follows greater heating demand in the winter months. Landed prices vis-à-vis export prices Due to its geographical location, Japan is exclusively reliant on LNG trading for its natural gas supply. As such, Japan's landed LNG spot price is often higher than for other markets, reaching approximately 10.05 U.S. dollars per million British thermal units in January 2024. By comparison, the world's largest LNG exporter, the United States, has seen its LNG export prices decrease to 7.57 U.S. dollars per thousand cubic feet in 2023, down from 12.24 U.S. dollars the previous year.

The price of gas in the United Kingdom was 106 British pence per therm in the fourth quarter of 2024. It is anticipated gas prices will increase to 131 pence in the second quarter of 2025 before gradually falling to just under 80 pence by the second quarter of 2027.
Surging energy costs and the cost of living crisis At the height of the UK's recent cost of living crisis in 2022, approximately 91 percent of UK households were experiencing rising prices compared with the previous month. It was during 2022 that the UK's CPI inflation rate reached a peak of 11.1 percent, in October of that year. Food and energy, in particular, were the main drivers of inflation during this period, with energy inflation reaching 26.6 percent, and food prices increasing by 18.2 percent at the height of the crisis. Global Inflation Crisis The UK was not alone in suffering rapid inflation during this time period, with several countries across the world experiencing an inflation crisis. The roots of the crisis began as the global economy gradually emerged from the COVID-19 pandemic in 2021. Blocked-up supply chains, struggled to recover as quickly as consumer demand, with food and energy prices also facing upward pressure. Russia's invasion of Ukraine in February 2022 led to Europe gradually weening itself of cheap Russian energy exports, while for several months Ukraine struggled to export crucial food supplies to the rest of the World.

Gasoline increased 0.22 USD/GAL or 10.89% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on March of 2025.

Poland Foreign Exchange Rate: NBP: NBP: Annual Average: US Dollar data was reported at 3.778 PLN/USD in 2017. This records a decrease from the previous number of 3.943 PLN/USD for 2016. Poland Foreign Exchange Rate: NBP: NBP: Annual Average: US Dollar data is updated yearly, averaging 3.235 PLN/USD from Dec 1993 (Median) to 2017, with 25 observations. The data reached an all-time high of 4.346 PLN/USD in 2000 and a record low of 1.815 PLN/USD in 1993. Poland Foreign Exchange Rate: NBP: NBP: Annual Average: US Dollar data remains active status in CEIC and is reported by National Bank of Poland. The data is categorized under Global Database’s Poland – Table PL.M010: Foreign Exchange Rate: Annual.

Colombia Consumer Price Index (CPI): Weights: RCU: NBP: POS: Stationery: Notebook, Agenda, Loose Paper data was reported at 0.120 % in 2019. Colombia Consumer Price Index (CPI): Weights: RCU: NBP: POS: Stationery: Notebook, Agenda, Loose Paper data is updated yearly, averaging 0.120 % from Dec 2019 (Median) to 2019, with 1 observations. Colombia Consumer Price Index (CPI): Weights: RCU: NBP: POS: Stationery: Notebook, Agenda, Loose Paper data remains active status in CEIC and is reported by National Statistics Administrative Department. The data is categorized under Global Database’s Colombia – Table CO.I016: Consumer Price Index: COICOP: Dec2018=100: by Sub Class of Good and Services: Weights.

Wholesale price for natural gas in the United Kingdom is projected to rise from 47 to 64 British pence per therm between 2020 and 2035, respectively. Figures are expected to remain at 64 British pence per therm in 2040.

The National Bank of Poland (Narodowy Bank Polski - NBP) reference rate amounted to 5.75 percent in 2024.

Colombia Consumer Price Index (CPI): Weights: Vulnerable: RCU: NBP: POS: Writing Articles data was reported at 0.250 % in 2024. This stayed constant from the previous number of 0.250 % for 2023. Colombia Consumer Price Index (CPI): Weights: Vulnerable: RCU: NBP: POS: Writing Articles data is updated yearly, averaging 0.250 % from Dec 2019 (Median) to 2024, with 6 observations. The data reached an all-time high of 0.250 % in 2024 and a record low of 0.250 % in 2024. Colombia Consumer Price Index (CPI): Weights: Vulnerable: RCU: NBP: POS: Writing Articles data remains active status in CEIC and is reported by National Administrative Department of Statistics. The data is categorized under Global Database’s Colombia – Table CO.I016: Consumer Price Index: by Sub Class of Good and Services: COICOP: Dec2018=100: Weights.

Credit report of Nbp Group S R O contains unique and detailed export import market intelligence with it's phone, email, Linkedin and details of each import and export shipment like product, quantity, price, buyer, supplier names, country and date of shipment.

N15 Uptake Rates

. Visit https://dataone.org/datasets/sha256%3A5a225b32e49949bb516eaf3610d6f725dd52f2edc085e26f0c9961c2ce182a65 for complete metadata about this dataset.

Colombia Consumer Price Index (CPI): Weights: Vulnerable: RCU: NBP: Books: Textbooks: Guide Texts data was reported at 0.180 % in 2024. This stayed constant from the previous number of 0.180 % for 2023. Colombia Consumer Price Index (CPI): Weights: Vulnerable: RCU: NBP: Books: Textbooks: Guide Texts data is updated yearly, averaging 0.180 % from Dec 2019 (Median) to 2024, with 6 observations. The data reached an all-time high of 0.180 % in 2024 and a record low of 0.180 % in 2024. Colombia Consumer Price Index (CPI): Weights: Vulnerable: RCU: NBP: Books: Textbooks: Guide Texts data remains active status in CEIC and is reported by National Administrative Department of Statistics. The data is categorized under Global Database’s Colombia – Table CO.I016: Consumer Price Index: by Sub Class of Good and Services: COICOP: Dec2018=100: Weights.