UK forward gas prices surge to new highs

UK forward gas prices surge to new highs

London (Platts)--20Jun2005


UK forward gas prices soared to new records Monday morning. Q4 05 traded at
59p/th and Q1 06 at 78.8p/th shortly before 1200 BST (1100 GMT), valuing
winter 05 at 68.9p/th, up over 2p/th on Friday. Summer 06 was bid at 39.1p/th,
at about the same time, and winter 06 at 60.2p/th. But traders said that
activity was fairly light on most contracts, with few offers. One factor cited
for the surge was the strength of crude oil, which hit new records in early
Monday trading, with WTI July futures topping $59/bbl for the first time.

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