Friday, 4 March 2011

U.K. Natural Gas Prices Soar as Crude Jumps Amid Libyan Turmoil

U.K. natural gas contracts climbed, with winter gas reaching the highest price since October 2009, as Brent crude jumped amid increased turmoil in Libya.

Gas for winter, the six months from October, rose as much as 1.7 pence, or 2.7 percent, to 64.5 pence a therm.

The contract was at 63.4 pence as of 4:30 p.m. in London, according to broker prices compiled by Bloomberg. That’s equal to $10.23 a million British thermal units. A therm is 100,000 Btu.

Summer gas, the six months through September, gained as much as 1.5 pence, or 2.8 percent, to 55.5 pence. It was at 54.4 pence at 4:40 p.m.

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