The UK gas market has been on a downtrend throughout the year after a mild winter left storage facilities entering summer already at high levels. Qatar has also kept up a steady flow of LNG cargoes throughout the year, sending daily gas prices down from the mid 60s pence/therm in January to the lowest point of the year at 34.60 p/th on July 11.
But the market now seems to have turned 180 degrees, with a sharp jump in prices since mid-August. With higher winter demands on the way, July’s lows may not be seen again this year. Read the rest of this entry »