UK gas prices rise 50% to 108 pence per therm
A number of unplanned outages at oil and gas facilities in the North Sea pushed British gas prices to a five-year high on Monday and supported benchmark Brent oil prices.
Norway, the largest gas exporter to Britain, cut flows to the UK on Monday due to an unplanned outage at the Nyhamna plant, while a hydrocarbon leak at a North Sea facility reduced export to one of Britain’s main gas terminals.
The unexpected outages come on top of extremely low gas storage levels, depleted after weeks of below-average winter weather.
The supply cuts and continuing cold weather caused a 50 percent spike in UK gas prices that touched a five-year high of 108 pence per therm.
UK energy prices surge on North Sea outages