UK gas rises on cold, power down on high supply

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UK gas prices reversed
losses on Thursday as contracts edged higher after three days of losses on
the return of colder weather, traders said.

Gas for delivery on Friday rose 0.80 pence to 58.00 pence per therm at 1005
GMT, while the month-ahead price traded at
57.80 pence ($8.97 per mmBtu), up 1.10 pence.

“People might have gone short yesterday and are now taking some profit,” one
gas trader said.

“Also, winter isn’t over yet. I think people might have realised that we
could still get some cold weather and could
struggle with storage running low.”

http://af.reuters.com/article/energyOilNews/idAFLDE7050QW20110106

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