Trading EconomicsTrading Economics

UK Natural Gas Hovers Near Three-Month Peak, Poised for Fourth Weekly Gain

UK natural gas futures were trading around the 350 pence a therm mark, up more than 90% since their October lows and hovering close to levels not seen since mid-September, amid prospects of higher heating demand on forecasts for an Artic blast over the next two weeks, with temperatures in the UK dropping below freezing.

On top of that, low domestic wind output also boosts natural gas demand for electricity generation.

Keeping a lid on prices were healthier supplies, with natural gas storage facilities in the UK remaining 100% full.

At the same time, the US has agreed to increase natural gas exports to the UK as part of a joint effort to reduce costs and limit Russia's impact on western energy supplies.

For the week, the benchmark rose more than 3%, on track to post a fourth consecutive weekly gain.

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