U.K. Gas Falls to 3-Year Low as Demand Tumbles on Warm Weather
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U.K. natural gas fell to a three-year low as weather forecasts pointed to higher temperatures this week than previously estimated and demand declined to the lowest level since October.
Front-month gas dropped as much as 5.1 percent to the least since Nov. 17, 2010, on the ICE Futures Europe exchange in London. Weather forecasts have trended warmer for this week, with temperatures above normal across large parts of Europe, according to MDA Weather Services in Gaithersburg, Maryland. Today was the hottest day of the year in the U.K., with 21 degrees Celsius (70 degrees Fahrenheit) recorded in Frittenden, England, the Met Office said in a statement today.