Advertisement
UK markets closed
  • NIKKEI 225

    37,628.48
    -831.60 (-2.16%)
     
  • HANG SENG

    17,284.54
    +83.27 (+0.48%)
     
  • CRUDE OIL

    82.55
    -0.26 (-0.31%)
     
  • GOLD FUTURES

    2,339.60
    +1.20 (+0.05%)
     
  • DOW

    37,977.23
    -483.69 (-1.26%)
     
  • Bitcoin GBP

    51,273.78
    -453.20 (-0.88%)
     
  • CMC Crypto 200

    1,386.57
    +4.00 (+0.29%)
     
  • NASDAQ Composite

    15,502.63
    -210.12 (-1.34%)
     
  • UK FTSE All Share

    4,387.94
    +13.88 (+0.32%)
     

UK GAS-Day-ahead gas rebounds on less wind, Norwegian gas

LONDON, April 18 (Reuters) - British wholesale gas for next-day delivery was slightly higher on Wednesday due to less Norwegian flows and as a forecast dip in wind speeds this week boosted demand for gas-fired power generation.

* Day-ahead gas price up 0.50 pence at 49.10 p/therm by 0828 GMT

* The May contract rose by 0.10 p to 48.85 p/therm.

* Day-ahead prices had fallen on Tuesday on forecasts of warm weather sweeping over Britain this week, closing at a discount to front-month May.

* On the supply side, an ongoing outage at Norway's Kollsnes gas processing facility constrained flows through the Langeled pipeline to Britain.

ADVERTISEMENT

* Wind speeds will decline this week and support gas-fired power generation demand, analysts said.

* In an oversupplied system, within-day gas fell by 0.57 p to 48.78 p/therm as traders said average temperatures were expected to hit 15 degrees Celsius

* Britain's gas network was oversupplied by 10 million cubic metres (mcm) with demand forecast at 183 mcm and supplies estimated at 193 mcm, National Grid (LSE: NG.L - news) data showed.

* Analysts said temperatures are expected to return to seasonally normal levels next month.

* Day-ahead gas at the Dutch TTF hub up 0.23 euro at 19.23 euros per megawatt-hour.

* Benchmark Dec-18 EU carbon contract up 0.14 euro at 13.88 euros per tonne.

* Thomson Reuters (Dusseldorf: TOC.DU - news) analyst view:http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas (Reporting by Oleg Vukmanovic; editing by Nina Chestney)