Monday, 21 February 2011

UK gas prices rise on tight system, strong crude

British gas prices rose across the board on Monday as higher demand tightened supply margins,while curve contracts traded up on North Sea oil prices reaching new highs following Libyan oil export concerns.

Gas for day-ahead delivery traded at a six-day high of 53.75 pence ($87.18) per therm, up 1.40 pence from the previous session. Within-day gas prices traded in line with the spot at 53.70 pence, a 1.20 pence gain.

"On the prompt the gas system is short and the weather isn't looking as warm, so all staying strong," one UK-based energy trader said.

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