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30 comments on The situation in the UK

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Luis de Sousa on January 6, 2006 - 4:52am Permalink | Subthread | Parent | Comments top
Commodities in the UK

Gas doesn't seem to be traded in bourse (or at least I can't find it). The Guardian as a nice article on the subject.

Two things:

.Gas markets in UK and North America are trading supplies from different places, so no big relation between them.

.Oil markets are more connected, since you can easely transport liquids from one side of the Atlantic to the other.

It just happends that gas problems in UK and the US are occurring simultaneously. The high volatile prices in the NYMEX are the consequence of a large gap between demand and supply.

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Nick Rouse on January 6, 2006 - 7:02am Permalink | Subthread | Parent | Comments top
Gas is traded on the London International Commodities Exchange, what was until recently the International Petroleum Exchange

A daily average gas price index for front month futures settlements can be obtained for free at
www.theice.com/marketdata/ukNaturalGas/ukNatGasIndex.jsp

Continuous spot prices have to be paid for.

As you can see fron the index the price rose from GBP 2.788/Million BTU ($5.04)on June 29 2005 to peak at GBP 10.843/Million BTU ($18.76)on December 3 2005 and has now fallen back to GBP 8.292/Million ($14.59)

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Oil CEO on January 6, 2006 - 7:28am Permalink | Subthread | Parent | Comments top
Using 1,027,000 BTUs per 1000 cf, we get $14.98/1000 cf basically the same as where it was in the US two weeks ago. On Dec 3rd it looks like it hit about $19.50. When you convert these BTU's to oil equivalent you're still looking at only about $90. Well within reason.

But don't quote me on those numbers. Isaiah will be all over my case.

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BartB on January 6, 2006 - 7:57am Permalink | Subthread | Parent | Comments top
This is a graph with the spot market gas prices over the last couple of days in the UK. The APX group is Europe's premier provider of power and gas exchanges, operating markets in the Netherlands, the United Kingdom and Belgium. href="http://www.apxgroup.com" name="APX group"

Spot price UK gas market

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30 comments on The situation in the UK

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