UK Natural Gas prices finished the year well off their highs with a gain of just 5% on the year at 180 GBP/Thm at the end of 2022 and 77.5% off the highs in March. In an extremely volatile year that caused havoc on millions of British citizens and financial markets, after Russia’s invasion of Ukraine and the subsequent Western sanctions disrupted supplies to the European region. Natural gas prices in the UK are well below the intraday-record level of … Continue reading “UK Natural Gas Prices Rise 5% in 2022, 77% off Panic Highs Seen in March”
Shell, Europe’s largest oil company on Monday said it will “evaluate” its plan to spend as much as £25B on its U.K. operations over the next decade in response to British government’s decision to increase a windfall tax on oil and gas producers, David Bunch, chairman of the company’s U.K. business said. The tax, known as the Energy Profits Levy (EPL), will raise the total taxes on the energy sector to 75%, among the highest in the world. It nevertheless … Continue reading “Shell Will Evaluate British Energy Investments after Windfall Tax Brings Total Taxes to 75%”
Britain has had weeks of turmoil which was reflected in extreme volatility in the British pound and Gilts eventually leading to the resignation of Liz Truss as Prime Minister. Rating service Moody’s has responded by cutting its rating outlook on UK sovereign debt to negative from stable. Moody’s, said the political chaos was at the core of its rerating. Moody’s also said it affirmed the Aa3 rating it has on UK sovereign debt which it said “reflects the UK’s economic … Continue reading “Moody’s Cut UK Credit Rating Outlook to Negative on Political Chaos”
Inflation continues to overwhelm the British economy, the British Retail Consortium index showed on Wednesday. The rise in prices charged by shops and supermarkets in the UK accelerated again in the 12 months to September, hitting its highest since records began in 2005. Prices rose by 5.7% y/y, up from 5.1% in August. The jump was fueled by an unprecedented 10.6% jump in food prices. BRC said the war in Ukraine inflated the costs of animal feed, fertilizer and vegetable … Continue reading “UK Shop Price Inflation Hits Record High with Food Prices Jumping 10.6%”
Heading into the UK General elections and with the Brexit uncertainty goods and services from the UK hit a record high in October. However UK imports jumped 6.2% in October causing the UK trade deficit to be the largest in 6 Months.