UK GAS-Prices rise on colder weather and lack of wind
British wholesale gas prices rose on Monday as colder-than- expected weather and low wind power generation increased demand from gas-fired power plants.
* Within-day gas rose by 1.00 pence to 33.00 pence per therm at 0813 GMT.
* Day-ahead gas was 0.65 pence higher at 33.00 p/therm.
* The May gas contract was up 0.55 pence at 34.00 p/therm.
* “Temperatures are much cooler for the second half of the week compared to where the forecasts were on Friday,” a UK gas trader said.
* “Wind is also low today and remaining below normal for the rest of the weak which is supporting gas-to-power demand,” he added.
* Average daily temperatures in Britain are expected to be lower than forecast at 9.5 degrees Celsius on Monday and, despite a slight increase the next day, are seen falling to 8.8C by the weekend.
* Electricity produced from wind power turbines is low. Peak generation is forecast at 1.3 gigawatts (GW) on Monday and is expected to rise slightly to 1.5 GW on Tuesday, National Grid data shows. The turbines’ total metered capacity is 12.1 GW.
* Weak wind energy generation typically increases demand for electricity from gas-fired power stations.
* Gas demand in Britain is forecast at 227.7 million cubic metres (mcm) and flows at 225.4 mcm/day, leaving the system slightly undersupplied by 2.3 mcm, National Grid data showed.
* Pipeline gas imports to Britain are at low levels. N however, continues to receive number of liquefied natural gas (LNG) tankers with two due to arrive on Monday and five more by May 5.
* The benchmark Dec-19 EU carbon contract inched up by 0.38 euro at 26.23 euros per tonne.
* Day-ahead gas at the Dutch TTF hub was up by 0.20 euro at 14.50 euros per megawatt hour.
Source: Reuters (Reporting by Lefteris Karagiannopoulos in Oslo; editing by Nina Chestney)