As news breaks that a major UK Shale gas find by Caudrilla could reduce our dependency on LNG, Energy Brokers Catalyst have predicted that UK gas prices are to rise toward the end of the year, because of higher demand of LNG supplies in Asia.
Since the Japanese earthquake and nuclear disaster, back in March, global LNG has been squeezed as many supplies have been diverted to countries affected by the disaster.
According to a report from Reuters, gas prices rose from 36% to 52 pence-per-therm on Monday and front month contracts rose 1.30 pence to 62.95 pence per therm. However, British energy prices bucked bullish trends and actually fell on Monday as the National Grid reported a strong production from wind power.
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