Reuters: Cheapest since 2010, Ukraine crisis fears fade for summer

British spot gas prices were trading at their lowest since October 2010 on Friday morning as healthy supplies clashed with low summer demand and high storage levels following a mild winter and spring.

Gas prices for delivery the next working day traded as low as 42.25 pence per therm on Friday morning, a third lower than they stood at the beginning of the Ukraine crisis in late February, and they are down over 40 percent since their winter peak last December.

"We're going into June now, so gas demand is approaching its annual lows during the summer. Even if Russia cuts gas to Ukraine now, it doesn't really matter in the shorter term, at least until the beginning of the winter heating season in October," one gas trader said.
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