Customers Spent 20% More On Gas, Zinc Jumps 7% Amid Industrial Metals Surge, Zinc Plants Shut Down

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Sept. 24 saw the highest amount spent on fuel in a single day since Lloyds Bank records began, analysis of customers’ debit cards shows.
The peak fell the day after BP and Tesco closed some filling stations due to problems with fuel delivery.
Across the UK, people spent a fifth (20 percent) more at petrol stations in the past two weeks, compared with the two weeks before, the bank said.

Sept. 24 saw the bank’s debit card users spend 125 percent more on fuel than on the same day in 2019, and the highest amount since records began in April 2014.

The East Midlands saw the biggest increase in fuel spending in the last two weeks compared with the two before, up 24 percent, followed by the West Midlands (23 percent), and the south east (22 percent).

This was followed by Yorkshire and Humber (20 percent). Wales and Scotland saw the lowest increases, at 14 percent and 15 percent respectively, followed by London and the south west on 19 percent.

However, the bank said there were signs that demand for fuel was easing. Week-on-week spending across the UK has fallen by almost a third (31 percent), with the number of transactions down 20 percent.

Only three regions, all in the south and east, saw drops of less than 30 percent. Londoners’ spending on fuel fell just 20 percent, the lowest of any region, followed by the south east (21 percent) and east of England (25 percent).
The energy crisis is bleeding into other parts of the commodity space, such as industrial metals, as smelters from Asia to Europe are knocked offline, resulting in a tightening supply with prices for zinc at 14-year highs.

Zinc jumped as much as 7% on the London Metal Exchange to the highest levels since 2007 after producer Nyrstar announced plans to halve output at three European smelters due to soaring energy prices.