Normally the price of months in the Summer, would mean show that July is lower than May and June and September is higher than August and May, creating a smile on the curve. However, at the moment July and August are higher than June and May creating a rather odd grimace. This is caused by the anomaly at Rough, the theory being that as gas is cheaper in the summer, players will be able to buy and fill Rough up during the summer. While Rough is out this has meant that players have less time to fill Rough and so there will be more buying during the low remaining Summer months. This has forced August to look relatively expensive.

But a sense of relativity needs to return to the market, we have Monday the 3rd of April trading at around £42/MWh with temperatures just hitting 10 degrees, is it not a fair assumption that demand will be so down and the need to burn any gas powered stations in the UK will be so small in AUgust as we will have coal plant able to meet demand. Perhaps this is a group of traders front running Centrica who will probably wish to manage the Rough shortfall when it comes on line. In otherwords a short rise followed by a sustained fall.