LONDON: British wholesale gas prices declined on Friday morning as demand ebbed due to higher temperatures and strong wind power output.
* Gas for immediate delivery was down 0.45 pence at 27.55 p/therm at 0809 GMT.
* Gas for weekend delivery down 0.75 pence at 27.25 p/therm.
* "Weather models show temperatures above the seasonal (norm) this weekend although they have been revised down slightly from earlier this week," a gas trader said, adding that temperatures are expected to dip again next week.
* Strong wind output has also suppressed demand from gas-to-power plants.
* Peak wind generation is expected to be around 6 gigawatts (GW) on Friday out of a total metered capacity of around 12 GW, Elexon data shows.
* "Strong wind production, which curbed gas for power demand yesterday, should continue also today and into next week," said Refinitiv gas analyst Marina Tsygankova.
* The system was undersupplied by 9 million cubic metres (mcm) with demand forecast at around 192 mcm and flows at 183 mcm/day, according to National Grid data.
* Supply through the Langeled pipeline in Norway and from South Hook liquefied natural gas terminal are slightly lower than the previous day.
* The June contract was 0.45 pence lower at 28.00 p/therm.
* Day-ahead gas price at the Dutch TTF hub was down 0.27 euro at 11.00 euros a tonne.
* Benchmark Dec-19 EU carbon contract was 0.65 euro lower at 24.65 euros a tonne.
Comments
Comments are closed.