UK gas prices rise

Posted at January 6, 2024 » By : » Categories : News » Comments Off on UK gas prices rise

In response to an anticipated cold weather spell and a decline in wind generation forecasts, UK gas prices edged higher on Thursday.

The market witnessed a rebound from previous losses, contributing to the ongoing volatility.

Analysts said the short curve experienced heightened uncertainty, with an expected cold snap amplifying demand expectations.

This situation was further intensified by a downward revision in wind generation forecasts, prompting increases in gas prices.

The front-month contract at the Dutch TTF hub increased by €0.40 euros (£0.34) to reach €33.50 (£28.88) per megawatt hour (MWh) by 09:20 GMT, according to LSEG data.

Simultaneously, the March contract saw a gain of €0.43 (£0.37), reaching €33.45 (£28.84)/MWh.

The British February contract also experienced an uptick, rising by 2.51 pence to reach 84.00 pence per therm.

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