Warm winter helps lower gas prices

A warmer-than-expected winter has helped offset some of the crisis premiums that Russia’s annexation of Crimea might have placed on the price of gas.

The latest wholesale market report by Irish energy supplier Vayu predicts that the heightened tensions between Russia and the Ukraine are expected to cause volatility in major energy markets including the UK, where Ireland buys the vast majority of its gas.

However lower-than-expected demand during winter months means there is 31% more gas stored across Europe at present compared to the same period last year.