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UK prices closely track European prices, but would remain about four times higher than normal. On 16 November 2021, UK natural gas prices rose by 17% after Germany's energy regulator suspended approval of the Nord Stream 2 natural gas pipeline from Russia to Germany.
Depending on the marketplace, the price of natural gas is often expressed in currency units per volume or currency units per energy content. For example, US dollars or other currency per million British thermal units, thousand cubic feet, or 1,000 cubic meters.
Avgas (aviation gasoline, also known as aviation spirit in the UK) is an aviation fuel used in aircraft with spark-ignited internal combustion engines. Avgas is distinguished from conventional gasoline (petrol) used in motor vehicles, which is termed mogas (motor gasoline) in an aviation context.
The UK is going to see gas prices remain high over the next few years, even if some of the current extreme costs ease off, said Nathan Piper, an oil and gas analyst at Investec.
The Office for National Statistics (ONS) found that the System Average Price (SAP) of gas rose by 110% in the week to November 6, compared with the previous week.
The Office of Gas and Electricity Markets (Ofgem), supporting the Gas and Electricity Markets Authority (GEMA, the Ofgem Board ), is the government regulator for the electricity and downstream natural gas markets in Great Britain.
The massive spike in UK households’ bills in recent years has mainly reflected the surge in European wholesale gas prices that followed Russia’s invasion of Ukraine and the choking off of gas ...
Although the UK did not have a shortage of fuel, the panic buying of fuel combined with supply chain issues caused by the media and the HGV driver shortage led to many petrol stations running out of fuel. By 22 October 2021, fuel station stocks were at their highest level since May.
Rising gas prices earlier this year have contributed to worse-than-expected inflation readings that have cast doubt on when the Federal Reserve will be able to lower interest rates.
The National Balancing Point, commonly referred to as the NBP, is a virtual trading location for the sale and purchase and exchange of natural gas in the United Kingdom. It is the pricing and delivery point for the ICE Futures Europe (IntercontinentalExchange) natural gas futures contract.