Gas prices fall as shipments expected

Wholesale gas prices have fallen by 20 per cent as news that gas shipments from Qatar and Trinidad will ease risks of shortages as reserves run low due to abnormally cold weather and a pipeline failure last week.

The price of gas for weekend delivery fell to 84 pence per therm, while the day-ahead gas contract slumped to 93.50 pence, a drop of around 11 per cent.

"The market is less worried by low storage levels right now given the arrival of new LNG tankers this week...there's plenty of gas around is the feeling," one gas trader said.