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Gas demand to rise 31%. Energy prices surge

gas supplyAs the temperature drops across Western Europe, LDC gas demand is set to rise by 31% over the next week.

After a few months of warmer-than-average weather, heating demand has been stilted yet the Met Office advises that colder temperatures are closing in with a surge in demand set to raise gas market prices.

“Colder weather than of late will spread across the UK over the weekend, bringing overnight frost and temperatures down below normal for this time of year,” says the UK’s Met Office.

While gas prices have been low due to mild weather causing an oversupply, we expect them to rocket more steeply now demand has increased.

Data analysts at Eclipse Energy valued gas this week at around 37p/therm while gas for next week traded over 5% higher at 38p/therm. While short-term prices are on the rise, so are the longer term with gas prices for December rising by 0.50 pence to 37.45 pence/therm.

Gas prices are set to keep rising as the winter draws in so now is a good time to lock in a fixed contract. Business Juice compares over 30 suppliers to get your business the best energy deal.

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