UK gas panic after freezing weather sparks LNG activity
UK gas jumps above Russian oil-linked and Asian LNG prices
Spiking UK gas prices stemming from freezing weather across Europe have sparked interest in importing liquefied natural gas (LNG) to make up for the gas shortfall. But tight LNG supply and limited import options are making things difficult. UK gas prices on 7 February rose to £1.00 a therm ($15.80/million Btu), above Russian oil-linked gas prices of round $13.50/million Btu and on par with spot Asian LNG prices, which are usually the world's highest priced cargoes. Gas demand soared as temperatures fell well below seasonal averages and Gazprom, the Russian exporter, was unable to provide additional supplies above contracted volumes. "There is gas available from storage and a bit of flexible
Also in this section
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
22 April 2026
Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
