UK gas and power prices have changed little since they reached their annual low last week (17.08. – 23.08.2015). This is due to a good current supply as well as a low summer demand. What also prevents prices from increasing is the good supply of LNG. In August, a total of nine tankers of LNG was supplied to the UK and the first delivery for September has already been ordered.
Because of maintenance work in Germany, gas has been rerouted from Norway to Europe via the UK. This has lifted interconnector exports almost to maximum rates.
Concerns over the Chinese economy still affect global financial markets and continue to create volatility. This encourages cheap gas imports from Russia to fill up storages because long-term oil linked gas contracts are kept weak, so the current supply outlook is positive.
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