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.

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.

Natural gas increased 0.21 USD/MMBtu or 5.84% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on March of 2025.

In 2023, the price of natural gas in Europe reached 13.1 constant U.S. dollars per million British thermal units, compared with 2.5 U.S. dollars in the U.S. This was a notable decrease compared to the previous year, which had seen a steep increase in prices due to an energy supply shortage exacerbated by the Russia-Ukraine war. Since 1980, natural gas prices have typically been higher in Europe than in the United States and are expected to remain so for the coming two years. This is due to the U.S. being a significantly larger natural gas producer than Europe.

What is natural gas and why is it gaining ground in the energy market? Natural gas is commonly burned in power plants with combustion turbines that generate electricity or used as a heating fuel. Given the fact that the world’s energy demand continues to grow, natural gas was seen by some industry leaders as an acceptable "bridge-fuel" to overcome the use of more emission-intensive energy sources such as coal. Subsequently, natural gas has become the main fuel for electricity generation in the U.S., while the global gas power generation share has reached 22 percent.

How domestic production shapes U.S. natural gas prices The combination of hydraulic fracturing (“fracking”) and horizontal drilling can be regarded as one of the oil and gas industry’s biggest breakthroughs in decades, with the U.S. being the largest beneficiary. This technology has helped the industry release unprecedented quantities of gas from deposits, mainly shale and tar sands that were previously thought either inaccessible or uneconomic. It is forecast that U.S. shale gas production could reach 35 trillion cubic feet in 2050, up from 1.77 trillion cubic feet in 2000.

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 monthly price for natural gas in the United States amounted to 3.02 nominal U.S. dollars per million British thermal units (Btu) in December 2024. By contrast, natural gas prices in Europe were about four times higher than those in the U.S. Prices for Europe tend to be notably higher than those in the U.S. as the latter benefits from being a major hydrocarbon producer. Europe's import reliance European prices for natural gas rose most notable throughout the second half of 2021 and much of 2022, peaking at over 70 U.S. dollars per million Btu in August 2022. The sharp rise was due to supply chain issues and economic strain following the COVID-19 pandemic, which was further exacerbated by Russia’s invasion of Ukraine in early 2022. As a result of the war, many countries began looking for alternative sources, and Russian pipeline gas imports to the European Union declined as a result. Meanwhile, LNG was a great beneficiary, with LNG demand in Europe rising by more than 60 percent between 2021 and 2023. How domestic natural gas production shapes prices As intimated, the United States’ position among the leaders of worldwide natural gas production is one of the main reasons for why prices for this commodity are so low across the country. In 2023, the U.S. produced more than one trillion cubic meters of natural gas, which allays domestic demand and allows for far lower purchasing prices.

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.

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.

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.

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Gasoline As A Fuel Market Size 2025-2029

The gasoline as a fuel market size is forecast to increase by USD 131.6 billion, at a CAGR of 1.4% between 2024 and 2029.

The market is experiencing significant growth due to the increasing number of automobiles, including light-duty trucks, on the road. Additionally, the use of gasoline in portable generators for various applications further boosts market demand. However, volatility in global crude oil prices poses a challenge to market growth. In the upstream oil and gas sector, data management and analytics play a crucial role in optimizing production and logistics. Visualization tools are essential for understanding complex data and making informed decisions. Furthermore, the transportation sector's focus on fuel efficiency continues to drive innovation in automotive purge valves and other automotive technologies to reduce fuel consumption. Despite these trends, market growth may be impacted by external factors, such as geopolitical instability and supply chain disruptions. Overall, the market is expected to continue its growth trajectory, with key factors including increasing demand, technological advancements, and the ongoing optimization of supply chain logistics.

What will be the Size of the Gasoline As A Fuel Market During the Forecast Period?

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The market encompasses the production, distribution, and consumption of gasoline as a primary transportation fuel. With the widespread adoption of automobiles, passenger cars, and motorcycles, gasoline remains a significant contributor to the global transportation energy requirements. However, the market faces increasing competition from alternative energy sources, such as electric vehicles and clean energy solutions. Gasoline availability remains a critical factor in the market's dynamics, with demand influenced by factors like carbon emissions regulations, consumer preferences, and the price of gasoline and related taxes. Secondary fuels, including ethanol, are increasingly used as additives to enhance fuel efficiency and reduce carbon emissions. The oil market significantly influences the gasoline fuel market due to the close relationship between crude oil and gasoline production.
The rise in automobile production and the increasing popularity of high-speed cars, motorcycles, and other internal combustion engine (ICE) vehicles continue to drive demand for gasoline. However, the market faces challenges from the growing adoption of clean energy sources, such as natural energy, solar, and wind power. Additionally, the increasing popularity of electric vehicles, diesel fuel, aviation fuel, and other alternative fuels for transportation, such as propeller airplanes and marine vessels, may further impact the market's size and direction. Gasoline prices and taxes also influence market dynamics, with fluctuations in these factors affecting consumer behavior and demand. The market's future direction will depend on various factors, including technological advancements, regulatory policies, and consumer preferences.

How is this Gasoline As A Fuel Industry segmented and which is the largest segment?

The gasoline as a fuel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Passenger vehicles
  Commercial vehicles
  Small engines
  Marine engines


Distribution Channel

  Fuel stations
  Direct supply to fleets
  Online fuel delivery services


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  APAC

    China
    India
    Japan


  South America

    Brazil


  Middle East and Africa

By Application Insights

The passenger vehicles segment is estimated to witness significant growth during the forecast period.

The market is primarily driven by the extensive utilization and widespread adoption of passenger vehicles, which rely on gasoline as their primary fuel source. This segment includes sedans, hatchbacks, SUVs, and crossovers, all of which benefit from the availability of gasoline infrastructure and consumer preferences. The segment's prominence is further bolstered by technological advancements in internal combustion engines, enhancing performance and efficiency. Gasoline's established supply chain and distribution networks ensure consistent availability, supporting the sustained operation of passenger vehicles. Moreover, the market encompasses other sectors such as motorcycles, construction, and transportation, where gasoline serves as a primary or secondary fuel.

Alternative energy sources, including electric vehicles and clean energy, are gaining traction, but gasoline's versatility and accessibility make it a significant contributor to the energy requirements of p

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Well Abandonment Services Market Size 2025-2029

The well abandonment services market size is forecast to increase by USD 1.26 billion, at a CAGR of 4.9% between 2024 and 2029.

The market is experiencing significant growth due to the maturing of oil and gas fields, which necessitates the decommissioning of older wells. Technological advances in well abandonment techniques have facilitated more efficient and cost-effective processes. However, the high costs associated with these projects remain a challenge for market growth. The adoption of innovative technologies, such as remote-operated vehicles and subsea abandonment systems, is expected to mitigate these costs and improve the overall efficiency of well abandonment projects. The market is poised for steady growth, driven by the increasing focus on environmental sustainability and regulatory compliance in the oil and gas industry.

What will be the Size of the Market During the Forecast Period?

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The energy sector is undergoing a significant transformation as international energy demand shifts towards clean and renewable sources. Renewable energy, including solar power and bioenergy, is becoming increasingly important in the global energy mix. However, the transition to clean energy sources does not negate the existence of abandoned oil and gas wells, which pose environmental and financial challenges. Abandoned oil wells, including those on offshore platforms and subsea infrastructures, present a significant liability for energy companies. These wells, which have reached the end of their productive life, require ongoing costs for maintenance, monitoring, and decommissioning. Legal obligations to ensure the safe abandonment of these wells are essential to mitigate potential environmental risks and prevent future accidents.
The oil and gas industry's ongoing costs associated with abandoned wells are a concern, especially in the context of inflation reduction and the International Energy Agency's push for energy efficiency. The repowering of abandoned oil and gas platforms for renewable electricity generation is an emerging trend that can help mitigate these costs while reducing carbon emissions. The environment is a critical consideration in the abandonment of oil and gas wells. The potential for contamination of soil and water sources is a significant concern, and real-time monitoring and control systems are essential to prevent any adverse environmental impact. New technologies, such as bioremediation, are being explored to help mitigate the environmental impact of abandoned wells.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Offshore
  Onshore


Type

  Permanent
  Temporary


Geography

  Europe

    Germany
    UK
    Norway


  North America

    Canada
    US


  Middle East and Africa



  APAC

    China
    Japan


  South America

By Application Insights

The offshore segment is estimated to witness significant growth during the forecast period.

The market has seen substantial growth, particularly in offshore locations. This is due to the high complexities and harsh environments of offshore operations, leading to increased costs. The segment's expansion is driven by the presence of numerous matured offshore oil and gas wells in regions such as the Gulf of Mexico and the North Sea. Traditional well abandonment methods involve using drilling rigs, but advancements in technology now allow for rigless techniques. Factors influencing the requirements for offshore well abandonment include water depth, well type, and the availability of rigless methods. In 2024, offshore well abandonment accounted for the largest market share.

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The offshore segment was valued at USD 2.59 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 56% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European market is expected to experience significant growth due to the increasing number of maturing assets in major oil-producing regions, such as the North Sea. The UK, Norway, and Denmark are key contributors to this market, with extensive decommissioning opportunities arising from the stringent regulatory environment and the end of productive lives for many oil and gas wells in the UK Continental Shelf (

Propane increased 0.10 USD/GAL or 13.33% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Propane - values, historical data, forecasts and news - updated on March of 2025.

Over the next several years, the market is anticipated to grow from USD 22.7 Billion in 2025 to USD 50.5 Billion by 2035 at a Compound annual growth rate (CAGR) of 8.3% during the forecast period. These new technologies are extensively used in industries where high-purity specialty gases are also extensively utilized; with the rapid industrialisation and advancements in gas flow control technologies for better purity, it is likely that the fusional use of specialty gases will increase and subsequently stimulate growth of the specialty gas market.

Metric	Value
Market Size (2025E)	USD 22.7 Billion
Market Value (2035F)	USD 50.5 Billion
CAGR (2025 to 2035)	8.3%

Country-Wise Analysis

Country	CAGR (2025 to 2035)
USA	8.3%
Country	CAGR (2025 to 2035)
UK	8.2%

Country	CAGR (2025 to 2035)
UK	8.2%

Country	CAGR (2025 to 2035)
European Union (EU)	8.3%

Country	CAGR (2025 to 2035)
Japan	8.5%

Country	CAGR (2025 to 2035)
South Korea	8.6%

Competitive Outlook

Company Name	Estimated Market Share (%)
Air Liquide S.A.	12-17%
Linde plc	10-14%
Parker Hannifin Corporation	8-12%
Air Products and Chemicals, Inc.	7-11%
MATHESON Tri-Gas, Inc.	5-9%
Other Companies (combined)	45-55%

This report compendium consists of three reports that cover the themes that are impacting the oil and gas industry – carbon capture and storage, renewable power and hydrogen. Oil and gas majors are actively restructuring their businesses to incorporate these themes in their portfolio. Read More

Shale developments have appropriately been described as a revolution and are forecast to provide continued growth for decades to come. The US energy landscape has greatly benefited from the shale industry as production contributions have helped place the US at the top of global crude production and future gas supply is anticipated to exceed demand far into the future. In the next 5–10 years, global leaders in shale, mostly consisting of those with acreage in the key US geographies, will continue to drive investment and production growth at scale tilting the balance of energy trade away from traditional producers. International shale players have faced significantly more challenges but may still impact the global trade in the long term. Read More

GlobalData's latest report "Gas Generators, Update 2018 – Global Market Size, Competitive Landscape, Key Country Analysis, and Forecast to 2022" offers comprehensive information and understanding of the global gas generators market. The report analyzes the current trend and future potential of gas generators market at global, regional (Asia-Pacific, Americas, Europe, Middle East and Africa) and key countries (the US, Brazil, China, India, UK, Germany, Nigeria, South Africa) level.
The report analyzes the gas generators market in terms of value and volume, classified by various capacity segments for the period 2012–2022. The report provides insight into the drivers and restraints affecting the gas generators market, competitive landscape, end-user segment share, recent market deals, and top company profiles. The report is built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GlobalData's team of industry experts. Read More

LME Index increased 315.70 points or 8.08% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. LME Index - values, historical data, forecasts and news - updated on March of 2025.

The Republic of Colombia (Colombia) is emerging as a key global destination for oil and gas investments. The country has significant exploration and production potential with a favorable investment environment. In 2010, there were around 41 new oil and gas discoveries with high success rate. This indicates increasing opportunities for oil and gas exploration in Colombia and growth in oil and gas production in the near future. Read More

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.