LONDON: British wholesale gas prices fell on Friday morning as high wind speeds from storm Erik increased output from the country's wind farms, curbing demand for gas.
Within-day gas price down 1.75 pence at 49.00 p/therm.
Day-ahead gas price down 0.15 pence at 49.70 p per therm by 0929 GMT.
"Lower gas (demand) for power is due to strong wind production expected for today," analysts at Refinitiv said in a daily research note.
"Nomination for gas for power is at 35 million cubic metres (mcm) today, strongly down from yesterday and our model's forecast at 50 mcm/d," the analysts said.
Britain's Met Office said storm Erik was expected to bring inland gusts of up to 40 miles per hour (mph).
"The strongest winds are expected across Northern Ireland and Scotland, with gusts of 50 to 60 mph possible," the Met Office said on its website.
Peak wind power generation is forecast near full capacity at almost 12 gigawatts (GW) on Friday and Saturday, National Grid data showed.
Gas system oversupplied by 6.3 mcm with demand forecast at 273.4 mcm and flows at 279.7 mcm/day, National Grid data showed.
Further along the curve, prices also fell.
March contract down 0.91 p at 48.80 p/therm.
Summer 2019 contract down 1.6 p at 46.50 p/therm.
Day-ahead gas price at the Dutch TTF hub down 0.1 euro at 18.48 euros per megawatt hour.
Benchmark Dec-19 EU carbon contract up 0.12 euro at 23.56 euros per tonne.
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