Gas pipeline sparks negative UK prices
UK gas prices fell to below zero last month, during the testing of a new pipeline. Now the pipeline is open, does more chaos ensue?
The spot price of UK gas plunged to negative last month as the new Langeled pipeline, bringing gas to the UK from Norway's Ormen Lange field, was tested prior to coming fully online.
September trading had stood at an average price of 26 pence per therm, but prices fell to -5 pence per therm on October 3, as a huge volume of gas flooded the UK. With storage capacity at 96% full, and unseasonably warm weather reducing demand, traders preferred to pay 5 pence per therm to have excess supply taken
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