July 16, 2018 / 8:55 AM / 2 years ago

UK GAS-Prices rise on low wind output

LONDON, July 16 (Reuters) - British wholesale gas prices rose on Monday morning as low wind energy output drove up gas-to-power demand.

* Gas for immediate delivery was up 1.00 pence at 59.00 pence per therm at 0849 GMT

* Gas for day-ahead delivery was 0.65 pence higher at 58.85 p/therm

* “Wind output is still low, continuing the same trend as last week,” a UK gas trader said

* Low wind power generation generally translates to more demand for gas from gas-to-power plants

* Peak wind generation is estimated at 2.3 gigawatts on Monday, according to Elexon data, though a forecast was unavailable for Tuesday

* A Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike on Monday that has hit oil output after employers did not respond to demands for higher wages and pension benefits

* The union is adding 900 workers to the strike, under a plan announced last week, after failing to win concessions before a midnight (2200 GMT) deadline since almost 700 workers on the rigs went on strike

* The UK gas system is slightly oversupplied with flows forecast at nearly 186 million cubic metres (mcm) and demand at 180 mcm/day, National Grid data shows

* Norwegian supply through the Langeled pipeline is forecast at 45 mcm/d and UK domestic production at 99 mcm/d, Thomson Reuters Eikon data shows

* The average daily temperature in Britain is forecast at 19.3 degrees Celsius on Monday, falling to 17.3 degrees C on Tuesday

* The August contract was 0.55 pence higher at 58.55 p/therm

* In the Dutch gas market, the day-ahead TTF price was 0.17 euro higher at 22.65 euros per megawatt hour

* The benchmark Dec-18 EU carbon price was 0.15 euro higher at 16.21 euros a tonne (Reporting by Nina Chestney)

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