LONDON: British wholesale gas prices fell on Tuesday morning on expected falls in consumption over the coming days.
Day-ahead gas was down 0.5 pence at 30 pence per therm by 0930 GMT.
Within-day gas was down 0.25 pence at 30 p/therm.
The UK gas system is expected to be 13.8 million cubic metres (mcm) undersupplied on Tuesday, with demand forecast at 208.8 mcm and supply at 195 mcm, National Grid data showed.
However, UK gas consumption is expected to decline from Wednesday, Refinitiv Eikon data showed.
UK temperatures are forecast to rise from Wednesday after colder weather over the previous two days.
Maintenance in Norway is reducing exports, leading to tighter gas supply over the past two days. There is a 42 mcm/day impact from maintenance at the Troll gas field, 33mcm/day impact from Emden maintenance and an expected 23 mcm/day loss from Aasta Hansteen maintenance due to start on June 19.
Norwegian flows to Britain were expected to drop to 78 mcm/day on Tuesday from 82 mcm/day on Monday because of a two-day unplanned outage at Gina Krog.
Liquefied natural gas (LNG) send-out is expected to remain low at about 11 mcm/day.
The Shagra is the only tanker heading to Britain at the moment. It is due to arrive at South Hook on June 21.
Peak wind power generation is expected to be 6.6 gigawatts (GW) on Tuesday, compared with total metered capacity around 12.1 GW. Output is expected to rise slightly to 6.9 GW on Wednesday, Elexon data shows.
Further along the curve, the July UK gas contract fell by 0.55 pence to 29.25 p/therm.
Day-ahead gas at the Dutch TTF hub was down 0.25 euros at 11.32 euros per megawatt hour. The TTF July contract was down 0.10 euros at 11.60 euros/MWh.
The benchmark Dec-19 EU carbon contract edged up by 0.02 euros to 25.12 euros a tonne.
Comments
Comments are closed.