UK gas prices surge on supply fears

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The price of wholesale gas surged to a record high on Friday after the unexpected closure of one of three import pipelines.A technical fault at the UK-Belgian interconnector, one of the UK’s biggest import pipelines, forced the shutdown.The price of gas for same-day delivery jumped as much as 50% to 150 pence a therm.It comes amid a prolonged cold snap which has already sparked fears that the UK will run out of stored gas.”I don’t think the price has ever been higher. It’s certainly super spike territory,” a gas trader at a utility told Reuters. “The worrying thing is it can probably go higher.”Meanwhile, some reports suggested that the unusual cold weather could lead to the UK running out of gas within days, but the government denied this.

via BBC News – UK gas prices surge on supply fears.

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