UK month-ahead gas price jumps 25% at open / European benchmark gas contract soars 30% on market opening

 

https://www.theguardian.com/business/live/2022/sep/05/euro-low-sterling-gas-prices-russia-shutdown-opec-markets-business-live#top-of-blog

32m ago

07.51

UK month-ahead gas price jumps 25% at open

UK wholesale gas prices have jumped sharply in early trading too.

 

The contract for gas delivery next month has risen by 25%, to 513p per therm, towards the five-month highs of nearly 650p set last month.

 

Higher gas prices will have an immediate impact on businesses, and will also influence the price cap on British energy bills (which is already set to rise 80% in October, and will be next adjusted in January).

 

Updated at 07.59 BST

41m ago

07.41

European benchmark gas contract soars 30% on market opening

 

As feared, European wholesale gas prices have surged at the start of trading.

 

The benchmark Dutch TTF October gas contract has risen by 30%, up €62 to €272 per megawatt hours (MWh).

 

The surge comes as traders react to the continued shutdown in Russia’s gas supplies to Europe through Nord Stream 1.

 

That pipline runs under the Baltic Sea to Germany, and historically supplied around a third of the gas exported from Russia to Europe (but was already running at just 20% of capacity before the outage for maintenance last week).