Tuesday, 30 November 2010

UK Wholesale Spot Gas Prices Reach 2010 High

Spot UK wholesale gas prices on
Monday reached the highest level of 2010 as the key Day ahead contract
traded at 57.25 pence per therm. This is the highest level since February

UK wholesale prices have been increasing in the past week because of a rapid
rise in demand for gas triggered by falling temperatures. Demand for gas
from local distribution zones, which includes residential heating, has more
than doubled since the start of the month.

Monday's total demand was almost 26% higher than the normal level for this
time of year. It was the highest demand for any day in November on record.

The Day-ahead price has increased by almost 29% since the start of November.

Demand stood at 432 million cubic metres on Monday morning. The normal level
for this time of year is 344 million cubic metres. In November 2009, daily
demand averaged 299 million cubic metres/ day.

Demand reached an all-time high earlier this year on 8 January at 465
million cubic metres.


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