Breaking: Ed Advised Voters to Freeze High Prices UK Gas Prices Hit Multi-Year Lows on Oversupply

lab-energy

This just in from Reuters newswire will have political repercussions:

LONDON, June 4 (Reuters) – British spot and forward prices for wholesale natural gas fell to multi-year lows on Wednesday as oversupply combined with weak spring demand.

British gas for delivery next winter traded at 59.40 pence per therm in the afternoon, its lowest level since at least the third quarter of 2011, while day-ahead spot gas prices dropped close to four-year lows at 41.50 pence per therm.

“The gas market is completely oversupplied. There’s a lot of gas in storage, a lot of gas in pipelines, a lot of LNG tankers have been coming in and demand is very low because of mild weather, so that’s putting a lot of downward pressure on the market,” one gas trader said.

Why is the UK gas market over-supplied? Because the price was high. Now it will fall. Price signals in a free market balance supply and demand. That is how free markets work…

If however you listened to Ed Miliband, who absorbed Marxist theory literally at his father’s feet, with a belief in a state-directed command economy with prices and rents controlled, you believe in bucking the market. If you followed Ed’s advice last year and froze your gas bill until 2017 you are likely to now be locked into a gas price that will be higher than it will probably be in 2017. Miliband thought he was clever with that price freeze gimmick. Not looking so clever now…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Embattled Henry Bolton on his battles…

“I’m going nowhere. I have seen people die, I have seen people blown up, I have seen people shot. Even the Taliban doesn’t quite prepare you for UKIP, though.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Sick Jared Back to Work Sick Jared Back to Work
Ann Black Purged by Red Terror Ann Black Purged by Red Terror
Parole Board Admit Processes Breached Parole Board Admit Processes Breached
Paul Mason: Aggressive and Intimidating Paul Mason: Aggressive and Intimidating
James O’Brien’s Carillion Fake News Goes Viral James O’Brien’s Carillion Fake News Goes Viral
O’Mara Hasn’t Helped a Single Constituent in Months O’Mara Hasn’t Helped a Single Constituent in Months
Credit Where Credit’s Due Credit Where Credit’s Due
Osborne on Carillion: Then and Now Osborne on Carillion: Then and Now
Paul Mason’s Column Axed Paul Mason’s Column Axed
Lord Pannick Backs Gauke’s Judicial Review Lord Pannick Backs Gauke’s Judicial Review
“Get On Your Knees, B*tch” Clive Lewis Returns to Labour Frontbench in Reshuffle” “Get On Your Knees, B*tch” Clive Lewis Returns to Labour Frontbench in Reshuffle”
Vulnerable Children’s Data Breached at Labour-Run Leicester City Council Vulnerable Children’s Data Breached at Labour-Run Leicester City Council
Dover Traffic at Record Levels Dover Traffic at Record Levels
10 Times Chris Williamson Wasn’t Sacked 10 Times Chris Williamson Wasn’t Sacked
Watch: Baroness Jenkin Drops C-Bomb in Lords Watch: Baroness Jenkin Drops C-Bomb in Lords
Worboys Victims Formally Ask CPS to Reassess 93 Unprosecuted Cases Worboys Victims Formally Ask CPS to Reassess 93 Unprosecuted Cases
BBC Reined In Over False Climate Claims BBC Reined In Over False Climate Claims
Corbyn Said Davos “Conspiracy” is “Cause of World’s Problems” Corbyn Said Davos “Conspiracy” is “Cause of World’s Problems”
Khan’s ‘Independent’ Brexit Study Written by Leave-Bashers And Corbynistas Khan’s ‘Independent’ Brexit Study Written by Leave-Bashers And Corbynistas
Press-Hating Peers Pave Way for Leveson 2 Press-Hating Peers Pave Way for Leveson 2