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Stockreport

Arctic blast saps British gas supplies, price hits high [Reuters (UK)]

NATIONAL GRID (NGG)  More Company Research Source: Reuters
US:NYSE Investor Relations: investors.nationalgrid.com
PDF Arctic blast saps British gas supplies, price hits high | Reuters 2 Min Read OSLO (Reuters) - British gas prices spiked again in volatile trading on Friday as an ongoing cold snap raised concerns about supplies. “Today was absolute panic,” one trader said, adding that it was“still a highly unusual situation” as prices for within-day gas delivery reached 350 pence per therm at one point, matching Thursday’s more than 10-year record. Southern Britain could see average temperatures of 0 degrees Celsius, but they are forecast to rise to 5 degrees on Saturday and as high as 9 degrees on Monday, Britain’s Met Office said. Although Britain’s gas system opened largely balanced with a shortfall of just 4.4 million cubic metres (mcm) per day, National Grid data showed, the shortfall later widened to 12.4 mcm, triggering fresh concerns over supply. The within-day gas delivery contract had initially opened 30 percent lower, after National Grid withdrew a gas supply warning it had issued on Thursd [Read more]

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