Wednesday, 18 April 2012

UK gas curve at four-week low on weak oil

British benchmark front-season gas fell to its lowest level in four weeks on Wednesday as oil prices dropped and low demand in the prompt market also weighed on prices.

The winter 2012 contract fell to 72.50 pence per therm, its lowest level since early March, failing to find support at its 50 exponential daily moving average (DMA) value just above 72.50.

Prices followed the oil market, where front-month Brent crude fell under $123 a barrel.

Power, coal, and carbon prices were also down, with European Union benchmark allowances dropping below 6 euros ($7.87) a tonne for the first time.

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