Wednesday, 23 February 2011

UK gas prices ease after Libya-led rally

British gas prices eased on Wednesday after surging on Tuesday when the crisis in Libya led to a cut in gas supplies to Europe and drove up crude prices, traders said.

Low demand for commercial gas because of relatively mild weather in Britain and healthy supply from liquefied natural gas (LNG) terminals and the North Sea weighed on the prompt, while the surge in curve prices seen on Tuesday prompted some to sell for a profit on Wednesday.

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