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Colder temperatures across Western Europe this week will cause demand for domestic gas heating to surge 30 per cent.
A mild start to Europe’s colder months have capped heating demand so far but by the end of the week temperatures in the UK, Belgium, France, Germany and the Netherlands will fall below the norm for this time of the year, according to fresh analysis.
Data analysts at Eclipse Energy, a unit of market information specialist Platts, have said they expect the colder than average weather to drive gas demand as much as 30 per cent higher and lift gas market prices across the regional markets.
“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.
According to parent company Platts, gas for delivery this week was valued between 35.50 pence/therm and 36.00 p/th on Monday, while gas for delivery next week traded over 5 per cent higher at 38.00 p/th.
By the start of December though the Met Office predicts temperatures likely to be “near normal”, with overnight frosts.
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