UK GAS-British wholesale gas prices mostly rise on maintenance, low wind output
British wholesale gas prices mostly rose on Friday morning, with planned maintenance at the St Fergus gas terminal expected to curb supply and low wind power output set to buoy demand.
* Day-ahead gas prices were up 0.60 pence at 30.50 pence per therm by 0802 GMT.
* Within-day gas prices were flat at 30.00 p/therm.
* Analysts at Refinitiv said in a daily research note that the St Fergus outage was one of the major bullish drivers for the market.
* St Fergus operator NSMP said the terminal’s capacity would be reduced by 12 million cubic metres/day from May 17 for the next 20 days.
* Traders said expectations of lower output from the country’s wind farms could also lift demand for gas from power stations.
* Peak wind power generation is forecast at 5 gigawatts (GW) on Friday, falling to 2.5 GW on Saturday, National Grid data showed.
* Gas was providing almost 50 percent of Britain’s electricity on Friday, with wind power contributing less than 10 percent of the total.
* Further out on the curve, prices were mixed.
* The June contract was up 0.50 p at 31.00 p/therm.
* The August contract was down 0.50 p at 33.50 p/therm
* Day-ahead gas prices at the Dutch TTF hub were down 0.13 euros at 13.27 euros per megawatt hour.
* The benchmark Dec-19 EU carbon contract was down 0.33 euros at 25.24 euros per tonne.
Source: Reuters (Reporting By Susanna Twidale; Editing by Jan Harvey)