Climate Changed
U.K. Natural Gas Has Worst Week Since 2012 as Demand Collapses
- Demand slumps as export pipeline is closed for 2-week works
- Prices fall across Europe amid above-normal temperatures
The interconnector near Rochester, U.K., on March 24, 2016.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
U.K. gas prices for immediate delivery posted the the biggest weekly decline in five years as works on a pipeline to mainland Europe damp demand for the fuel.
Prices fell as much as 40 percent from last week’s levels as maintenance on the Interconnector link with Belgium restricted exports, undermining demand already hurt by the prolonged shutdown of Britain’s biggest gas storage facility. On top of that, above-normal temperatures across Europe eased the need for heating. Prices in the Netherlands, a rival trading hub to the U.K., also fell.