British day-ahead gas prices have dropped to their lowest level since last October as summer weather curbed demand ahead of an export pipeline to Europe being closed.
Spot gas prices dropped almost three per cent to 58.75 pence per therm this morning, the first time they have fallen below the 60p mark since the start of the gas year last October. Within-day gas prices also fell below the 60p mark to 59.50p per therm.
Prices had been high after the long winter left utilities behind gas refilling schedules, but traders said the improved weather in the last month had reduced demand.
The Interconnector UK pipeline will be closed for maintenance for a fortnight from June 27.
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