UK gas prices surge after import terminal fire

LONDON, Feb 29 (Reuters) – British gas prices rose on Friday after a fire at a major import terminal cut supplies of heating fuel ahead of what is forecast to be a chilly start to March.

Some of the heat was taken out of the market by the resumption of supplies through the Shell-operated SEAL pipeline, but it was still unclear how long Shell’s gas import terminal at Bacton, eastern England, would remain closed.


Traders were also concerned forecasts of sub-zero temperatures at the start of next week would increase demand.

Gas for delivery on Friday hit a high of 61.45, up from 52.50 pence per therm before the fire. It dropped back to 55.40 pence in late trade, up 3.15 pence from the previous close.

Gas prices for the weekend and next week also climbed.

Reuters