Thursday, 8 March 2012

UK winter #gas prices could rise above 90 pence per #therm

British benchmark front-season gas prices rose close to a one-week high on Thursday as oil rebounded and analysts renewed concerns about Britain having to compete for liquefied natural gas (LNG) with higher-paying Asian buyers.

Gas for delivery this summer rose 2.6 percent day on day to 59.70 pence per therm, after oil rose above $125 per barrel on hopes Greece can avoid a messy debt default, traders said.

Sentiment was also supported by anlysts at Bank of America Merrill Lynch predicting UK winter gas prices could trade above 90 pence as Britain could see a drop in LNG supply with Japanese and other Asian buyers attracting higher imports.

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