Home / Oil & Energy / General Energy News / UK GAS-Prices up on cold weather but ample supply limits rise

UK GAS-Prices up on cold weather but ample supply limits rise

British wholesale gas prices rose on Wednesday morning due to an increase in gas demand caused by cold temperatures.

* Within-day gas was up 0.65 pence at 59.65 pence per therm at 0920 GMT.

* Day-ahead gas was up 1.05 pence at 60.30 p/therm.

* The rise was due to colder temperatures from Tuesday, boosting heating demand.

* Average daily temperatures in Britain are expected to be 4.3 degrees Celsius on Wednesday and dip to 4.1C on Thursday, before going up over the weekend.

* Demand is forecast to be above the season’s norm at 332 million cubic metres (mcm), but ample supply from pipeline flows, liquified natural gas (LNG) deliveries and storage withdrawals are expected to keep the UK gas system over-supplied by 26 mcm, National Grid data showed.

* Gas flows from Norway grew by around 19 mcm to 109 mcm/day, compared to Tuesday, according to Refinitiv Eikon data.

* Flows through the BBL pipeline from Belgium rose by 10 mcm to 28 mcm/day. LNG send-out was up by 7 mcm to 66 mcm/day.

* Britain expects four liquefied natural gas tankers by Saturday.

* Peak wind generation is forecast at nearly 6 gigawatts (GW) and fall to almost 5 GW on Thursday, which could mean more gas is needed from gas-to-power plants for electricity generation.

* February contract rose by 0.65 pence to 61.85 p/therm.

* Day-ahead Dutch gas at the TTF hub rose by 0.35 euro to 22.13 euros per megawatt hour.

* The benchmark Dec-19 EU carbon contract inched by 0.03 euro to 22.87 euros per tonne.
Source: Reuters (Reporting by Ekaterina Kravtsova; editing by Nina Chestney)

Recent Videos

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