U.K. Gas Falls From Seven-Year High as Belgian Pipeline Is Fixed
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U.K. natural gas prices fell from their highest in seven years as a fault on a pipeline from Belgium was fixed, allowing imports equivalent to almost one quarter of the nation’s demand to resume.
Gas for today rose 2.6 percent after earlier jumping as much as 54 percent to the highest level since March 17, 2006, according to broker data compiled by Bloomberg. Flows through Interconnector U.K. Ltd.’s pipeline from Zeebrugge to Bacton on the east coast of England halted at about 7 a.m. London time after earlier today reaching a record 79 million cubic meters a day, National Grid Plc data show. Imports resumed at 11:46 a.m. Full capacity was restored at about 2:10 p.m.