UK Wholesale Gas Price Has More Than Doubled This Morning

5th September 2022

Gas for delivery tomorrow has surged by 140% to 360p per therm, after Russia's decision to shut the Nord Stream 1 pipeline intensified the energy crisis facing Europe.

That more than wipes out Friday's dramatic falls, when the markets were hopeful that Nord Stream 1 would resume operations on Saturday morning, as expected.

This contract closed at a record settlement price of 570p in mid-August, and briefly hit 670p back in March.

Two years ago, next-day gas cost around 30p per therm, before rising demand, energy shortages, and then the Ukraine war all drove up gas prices.

Source - The Guradian