Concern among traders over the impact of economic sanctions on Russia brought a fresh surge in wholesale gas prices on Wednesday (2 March), which at one point hit 454 pence per therm (p/th). ICIS said the price of front-month contracts eased off slightly by the end of the day but closed at 423p/th - a 45% increase over the previous close of 292p/th and the second highest it has ever seen after the record set on 21 December of 450p/th.
Sanctions on Russia bring fresh spike in gas prices
