Natural Gas (UK) Price

NBP gas trades in sterling pence per therm. A therm is defined as exactly 100,000 British thermal units, so one million Btu is exactly ten therms, and the conversion to the dollar convention used by Henry Hub and most LNG pricing is arithmetic: divide the pence-per-therm value by ten and multiply by the pound-dollar exchange rate to get dollars per MMBtu. Comparisons with the Dutch TTF price require a second, different conversion, because TTF trades in euros per megawatt hour. Skipping either the currency leg or the unit leg produces errors of tens of percent; both omissions occur in published comparisons.

One of our own defects belongs in this section. The values on this series are pence, and have always been pence, but our historical rows carried inconsistent currency labels - most labeled GBP, newer rows labeled GBp, and 25 rows from December 2024 labeled USD - and an open defect in our aggregate endpoints can present the value with a pound sign rather than pence. Read every value on this series as pence per therm regardless of the label; a pound-sign reading overstates the price one hundredfold. The label defect is tracked publicly and this paragraph will be updated when it is closed.

The NBP was Europe's first liberalised gas hub and its original benchmark. That role has passed to the Dutch TTF: ICE, which lists both contracts, states plainly that TTF has replaced NBP as Europe's main gas hub and benchmark price, helped by a market preference for euro-denominated contracts. NBP remains the reference for the British market, and the spread between NBP and TTF moves with Interconnector flows, storage and currency. We publish both series, in their native units.

The series is a panel of market-data feeds, not an exchange settlement print. Over the thirty days to 2026-08-10 it drew 78.0% of observations from a derivatives-platform feed, 13.8% from our internal collector and 8.1% from a data aggregator, at a median gap of about 2.5 minutes during trading. On 2026-08-10 the freshest values from the three sources sat 0.37 pence apart, 0.25% - an ordinary reading. Our records begin 2018-01-01. The sharpest recent moves came in one volatile week of March 2026: a 26.6% weekend gap into Monday 2026-03-02, a further 37.0% rise recorded across a four-day capture gap ending 2026-03-07, and a 19.7% fall on Tuesday 2026-03-10. The middle step is worth reading carefully - it compresses four trading days of market movement into a single capture step, and its row date is a Saturday. Row dates on this series are capture dates, not trading dates.

This is a wholesale price. It is not the price a British household pays: retail tariffs add transport, supplier margin and policy costs, and most default tariffs sit under the Ofgem price cap, which limits the unit rate and standing charge a supplier may charge rather than the total bill. Wholesale moves reach the cap with a lag, through Ofgem's quarterly reset.