We buy gas in pence and trade electricity in pounds, so in some respect the role of £ versus $ should be irrelevant. However, most traders will have noted that the exchange rate is back to lows seen earlier in the year. This is making US gas prices in the Summer higher than UK gas prices and some fears in the market are that LNG is moving away from the UK and back to the US and this will reverse the downward pressure created by gas volumes seen last week. At the same time, as the £ weakens and $ strengthens, currency traders tend to sell oil as a hedge against inflation. But with the downturn in the $, oil prices are looking to trade below $60bbl and this is supported by low world demand and forecast mild winters.