Natural Gas Surges as Japan’s Earthquake Halts Nuclear Power
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Natural gas rose around the world on speculation Japan will buy more of the fuel, intensifying competition for liquefied natural gas, after the country’s worst earthquake halted 11 nuclear reactors.
Gas for next winter in the U.K., Europe’s biggest consumer, gained as much as 7.4 percent, to 74 pence a therm, the highest since November 2008, according to broker prices. The contract was at 73.50 pence as of 2:25 p.m. in London, equal to $11.86 per million British thermal units. U.S. gas for April delivery rallied 3.8 percent to $4.037 a million Btu in New York.