Since 1998 when the first pipeline between the UK and Europe was opened UK gas prices were automatically hooked to European oil indexed prices. Since then, UK gas prices were determined by marginal transactions. Basically if oil prices raise so does UK gas prices.
Read More →The colder weather forecasted for this week and the rise of oil prices, are forcing UK gas prices to go up. But strong supply from the continent and steady LNG gas imports kept a cap on gains. Surprisingly on Monday, gas demand forecasts were 6 percent lower than seasonal levels. Last week demand had been 10 percent lower year on year, according to National Grid data.
Read More →UK gas prices plunged to seven week lows to levels last seen before the cold snap. Milder weather and strong supply from LNG terminals kept the market well supplied pushing business and commercial gas prices down.
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It will come as no surprise that the major cold weather has heavily influenced prices on both the gas and power markets over the course of the last month. The increase in demand was so severe that it forced the first emergency gas balancing alert by National Grid this winter. Despite this cold snap and record demand levels the overall system coped reasonably well and better than expected.
Read More →Despite going through one of the coldest winters in history, UK energy prices dropped. Strong gas supply from Norway, imported LNG and the restart of a nuclear reactor helped bring household and business energy prices down.
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