ICE U.K. nat gas March futures settle at 74.47 pence therm

ICE U.K. nat gas March futures settle at 74.47 pence therm

ICE U.K. Natural Gas March Futures Settle at 74.47 Pence per Therm
On February 24, 2026, ICE U.K. natural gas March futures settled at 74.47 pence per therm, reflecting ongoing volatility in the European energy market. This settlement aligns with recent price trends, which have seen U.K. gas prices fluctuate amid shifting supply dynamics and weather-related demand adjustments.

U.K. natural gas prices have risen 12.51% over the past month, reaching 82.04 GBp/thm on January 13, 2026, but remain 30.99% below the same period in 2025. The commodity's all-time high of 800 GBp/thm, recorded in March 2022, underscores the significant correction in pricing since the peak of the energy crisis. Analysts attribute the recent upward momentum to a combination of factors, including a temporary supply constraint at Norway's Troll gas field and strong wind power generation offsetting heating demand during a cold spell.

However, long-term fundamentals suggest continued downward pressure. U.K. gas prices are projected to trade at 75.71 GBp/thm by the end of Q1 2026 and 84.38 GBp/thm in 12 months, according to Trading Economics models. These forecasts reflect weaker European demand and rising liquefied natural gas (LNG) imports, particularly from the U.S., which is on track to set a record for European exports in 2026. Additionally, the EU's phased elimination of Russian gas imports— set to conclude by late 2027—continues to reshape regional supply chains.

The recent settlement of 74.47 pence per therm remains close to the 20-month low of 69.7 pence per therm observed in late December 2025. Market participants will closely monitor weather patterns, LNG shipment flows, and geopolitical developments as key drivers of near-term price action.

Trading Economics and U.K. wholesale gas market data as of January 13, 2026.