Home / Oil & Energy / General Energy News / UK GAS-Prices rise on low Norway flows and weak wind

UK GAS-Prices rise on low Norway flows and weak wind

British wholesale gas prices rose on Monday morning on undersupply due to low flows from Norway and insufficient wind power to fill the gap.

* Day-ahead gas prices were up 1.25 pence at 31.50 pence per therm by 0830 GMT

* Within-day gas prices also rose 1.45 pence at 32.25 p/therm

* Traders said the rise in prices was mostly supply driven, as flows from Norway stayed at low levels as did output from wind turbines

* The system is undersupplied with demand forecast at 201.9 million cubic metres (mcm) and flows at 186.9 mcm/day, National Grid data showed

* Demand was 21.9 mcm above the seasonal norm

* Norwegian gas flows to Britain remained low, slipping to 36 mcm/day from 38 mcm/day on Friday, as flows via the Langeled and Vesterled pipelines maintained Friday’s low volumes

* Peak wind power generation is forecast at 3 gigawatts (GW) and is expected to stay flat on Tuesday, National Grid data showed

* Average daily temperatures are forecast at 13.0 degrees Celsius and staying flat on Tuesday before rising to 13.5C over the weekend, Refinitiv Eikon data showed

* Britain received two LNG tankers on Sunday and expects four more to arrive by May 27

* The June contract was up 0.50 p at 30.70 p/therm

* Day-ahead gas prices at the Dutch TTF hub were down 0.09 euro at 12.98 euros per megawatt hour

* The benchmark Dec-19 EU carbon contract was down 0.05 euro at 24.95 euros per tonne
Source: Reuters (Reporting by Lefteris Karagiannopoulos in Oslo; editing by Jason Neely)

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping