UK spot gas prices fall below 70 pence on mild weather outlook

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British prompt gas prices dropped below 70 pence a therm for the first time since February on Thursday morning as a mild weather outlook pulled down demand while supplies were healthy.

Gas prices for delivery within the day were trading at 67.75 pence a therm at 0900 BST (0800 GMT), almost five pence lower than the previous morning, and prices for next day delivery were down 3 pence to 68.75 pence a therm.

These were the lowest levels since the end of February, when a late winter cold period began to push prices as high as 150 pence a therm.

The lower gas prices also fed into the power market, where prices for baseload (24 hours) delivery the next day fell by 4 pounds ($6.13) per megawatt-hour (MWh) between Wednesday and Thursday morning to 52.10 pounds per MWh.

via UK spot gas prices fall below 70 pence on mild weather outlook – Yahoo! Finance UK.

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