UK GAS-Within-day gas dips for strong wind power curbs demand

British wholesale gas for immediate delivery inched down on Friday morning, as forecasts for strong output from the country’s wind farms and curbed gas demand for power.

* The within-day contract was down 0.45 pence at 27.25 p/therm by 0934 GMT.

* Traders said the contract was lower even though the market was a little under-supplied as forecasts for rising wind power dampened demand.

* The day-ahead contract was yet to trade.

* Peak wind power generation is forecast at 4 gigawatts (GW) on Friday, rising to 9.1 GW on Saturday, Elexon data showed.

* Analysts at Refintiv forecast gas demand for power at 48 million cubic metres (mcm) on Monday, down 37 mcm from Friday.

* Britain’s gas system was undersupplied by 7.5 mcm with demand forecast at 309.8 mcm and flows at 302.3 mcm/day, National Grid data showed.

* The undersupply was largely due to a fall in output from the country’s liquefied natural gas (LNG) terminals.

* LNG supply was expected at around 113 million cubic metres (mcm), down 12 mcm from the previous day, Refinitiv Eikon data showed.

* Further out on the curve prices edged higher.

* The February contract was up 0.20 p at 27.00 p/therm.

* The March contract was up 0.20 p at 25.90 p/therm.

* The day-ahead gas price at the Dutch TTF hub was up 0.07 euro at 10.50 euros per megawatt hour.

* Benchmark Dec-20 EU carbon contract was up 0.03 euro at 24.73 euros per tonne.
Source: Reuters (Reporting By Susanna Twidale; editing by Nina Chestney)