Monday, 23 April 2012

Weather-driven demand boosts UK gas prices

British prompt gas prices rose on Monday morning as supply lagged demand amid colder-than-average temperatures forecast until the end of the month, while curve gas slumped with weakening oil prices.

However, average summer temperatures across Europe will be higher-than-normal between May and July, with the exception of southeastern parts of the continent, forecaster Weather Services International (WSI) said.

May gas prices rose slightly despite warm weather forecasts on the back of ongoing uncertainty over liquefied natural gas (LNG) supplies and bullish momentum feeding in from the prompt market.

UK day-ahead gas rose 0.35 pence to 60.45 pence per therm, while gas for immediate delivery gained half a penny to 60.75 pence.

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