January 24, 2020 / 9:59 AM / a month ago

UK GAS-Within-day gas dips for strong wind power curbs demand

LONDON, Jan 24 (Reuters) - British wholesale gas for immediate delivery inched down on Friday morning, as forecasts for strong output from the country’s wind farms and curbed gas demand for power.

* The within-day contract was down 0.45 pence at 27.25 p/therm by 0934 GMT.

* Traders said the contract was lower even though the market was a little under-supplied as forecasts for rising wind power dampened demand.

* The day-ahead contract was yet to trade.

* Peak wind power generation is forecast at 4 gigawatts (GW) on Friday, rising to 9.1 GW on Saturday, Elexon data showed.

* Analysts at Refintiv forecast gas demand for power at 48 million cubic metres (mcm) on Monday, down 37 mcm from Friday.

* Britain’s gas system was undersupplied by 7.5 mcm with demand forecast at 309.8 mcm and flows at 302.3 mcm/day, National Grid data showed.

* The undersupply was largely due to a fall in output from the country’s liquefied natural gas (LNG) terminals.

* LNG supply was expected at around 113 million cubic metres (mcm), down 12 mcm from the previous day, Refinitiv Eikon data showed.

* Further out on the curve prices edged higher.

* The February contract was up 0.20 p at 27.00 p/therm.

* The March contract was up 0.20 p at 25.90 p/therm.

* The day-ahead gas price at the Dutch TTF hub was up 0.07 euro at 10.50 euros per megawatt hour.

* Benchmark Dec-20 EU carbon contract was up 0.03 euro at 24.73 euros per tonne. (Reporting By Susanna Twidale; editing by Nina Chestney)

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