by Calculated Risk on 10/04/2006 10:19:00 PM

The BBC reports: A glut of natural gas supplies in Britain has seen prices collapse and left traders having to pay for it to be taken off their hands. (hat tip: Truck and Barter)

Wholesale gas prices for immediate delivery turned negative on Tuesday as supplies surged in from the new Langeled pipeline from Norway.

Britain's gas storage capacity is 96% full so firms need to offload supplies.
...
After trading at an average of 26p a therm through September, the spot price for gas delivered immediately fell to -5p during the course of the day, meaning traders are paying to get rid of it.
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"There is simply too much gas flowing into the UK," said Chris Bowden, chief executive of energy services company Utilyx.

And for an excellent summary of some other good news from Econbrowser: And they all lived happily ever after

For the opposite view, from Professor Roubini: Some more "good" news about the economy today...and the stock market's delusional "suckers' rally"...