July 13, 2017 / 8:34 AM / 3 years ago

UK GAS-Prompt prices fall as Norwegian imports rise

LONDON, July 13 (Reuters) - Prompt British wholesale gas prices fell on Thursday morning as high imports from Norway, combined with weaker demand, left the market oversupplied. * British within-day gas price down by 2.75 pence to 33.00 pence/therm at 0815 GMT. * Day-ahead gas price down by 0.50 pence to 33.45 p/therm. * Traders said demand for gas has dipped slightly due to expectations of strong output from the country's wind farms while an increase in imports from Norway left the market oversupplied, dampening prices. * British gas system oversupplied by 11.9 million cubic metres (mcm), with demand forecast at 181.7 mcm and flows at 193.6 mcm/day, National Grid data showed. * Imports from Norway through the Langeled pipeline were over 40 mcm, up from levels which were below 30 mcm the previous day. * A partial outage on the InterconnectorUK (IUK) pipeline with Belgium has also curbed Britain's ability to export excess gas to the continent. * "Along with the reduction in IUK, the increase is Langeled is the reason why the system is oversupplied," gas analysts at Thomson Reuters said. * Peak wind power generation is forecast at 3.4 gigawatts (GW) on Thursday, rising to 5 GW on Friday, National Grid data showed. * Two liquefied natural gas (LNG) tankers are expected to arrive over the next week. * August gas contract down by 0.41 pence at 33.50 p/therm. * Day-ahead gas price at the Dutch TTF hub down by 0.02 euro to 14.77 euros per megawatt hour. * Benchmark Dec-17 EU carbon contract up by 0.06 euro to 5.54 euros per tonne. * Thomson Reuters analyst view: here (Reporting By Susanna Twidale; editing by Nina Chestney)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below