UK Natural Gas (NFN24), up +17.1%, is now at the highest levels since the middle of January 2024, fueled by a decrease of Norwegian exports to only 323 mcm a day as it competes with European demand. Imports from Norway are around 40%, and as the threat of outages continues, it has sustained prices.
During 2024, the average price has been 68.50, below the average price at the same time last year. The forward curve grows sharply upwards until the end of 2025 with December contract quoting above 109. Austria's OMV AG might stop payments to Gazprom soon, and that would cut 80% of supplies to the country.
