UK Gas Prices Surge 40% in Perfect Storm – Sky News
UK gas prices jumped 40% in January, risking higher household bills ahead of April price cap.
On 16 January 2026 Sky News reported UK wholesale natural‑gas prices surged more than 40% in January, pushing day‑ahead contracts to a six‑month high. The morning’s UK February delivery price rose over 8 pence per therm, trading above 98 pence. Storage levels sat at 52% capacity, while weaker LNG imports—primarily from the US—combined with colder weather and geopolitical risk in Iran fed a softer supply outlook. Analysts called the conditions a “perfect storm” of cold weather, storage depletion and speculative trading. The spike may lift fixed‑rate electricity deals and the energy price cap reviewed in early April. A record offshore wind auction earlier this week is expected to curb future price spikes.
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