At Year End, Prices Soared As Temperatures Plummeted

摘要

As 2013 readied to wind to a close, European gas prices hit seven-month highs with the anticipation of cold weather and heightened concerns about supplies from Libya and Russia. Day-ahead UK prices had climbed more than 10% to above 70 pence ($1.15 U.S.) per therm during November. In mainland Europe, month-ahead prices at the Dutch TTF (title transfer facility) gas hub had risen to 28.38 Euros ($39.06 U.S.) per megawatt-hour. This was an increase of more than 8 % so far this winter, with the expectation of drawing gas out of storage. With Brent crude oil prices oscillating around the $110 (U.S.) per barrel mark, LPG prices had strengthened significantly since mid November.