Qatar LNG outages trigger price spike
UK power prices for the coming months have experienced their sharpest price increase since the March tsunami in recent days, driven higher by a surging gas market that has been panicked by reports that several LNG (liquefied natural gas) facilities in Qatar are soon to be taken offline for maintenance. But prices have since retraced as these fears have eased and oil prices have also softened.
UK annual gas prices surged to their highest level since October 2008 in the second half of August, spiking on the back of reports that the Qataris are to close down three key LNG production facilities this Autumn for maintenance. But the gains were shortlived, and prices fell back as September started.
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Energy Market Intelligence report – early September 2011
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The arrows indicate price change between 17 August 2011 and 2 September 2011: