Advertisement
UK markets closed
  • FTSE 100

    8,433.76
    +52.41 (+0.63%)
     
  • FTSE 250

    20,645.38
    +114.08 (+0.56%)
     
  • AIM

    789.87
    +6.17 (+0.79%)
     
  • GBP/EUR

    1.1622
    +0.0011 (+0.09%)
     
  • GBP/USD

    1.2525
    +0.0001 (+0.01%)
     
  • Bitcoin GBP

    48,624.39
    -1,517.49 (-3.03%)
     
  • CMC Crypto 200

    1,264.18
    -93.83 (-6.91%)
     
  • S&P 500

    5,222.68
    +8.60 (+0.16%)
     
  • DOW

    39,512.84
    +125.08 (+0.32%)
     
  • CRUDE OIL

    78.20
    -1.06 (-1.34%)
     
  • GOLD FUTURES

    2,366.90
    +26.60 (+1.14%)
     
  • NIKKEI 225

    38,229.11
    +155.13 (+0.41%)
     
  • HANG SENG

    18,963.68
    +425.87 (+2.30%)
     
  • DAX

    18,772.85
    +86.25 (+0.46%)
     
  • CAC 40

    8,219.14
    +31.49 (+0.38%)
     

UK GAS-Day-ahead price falls with forecasts for warmer weather

LONDON, June 14 (Reuters) - The British wholesale day-ahead gas price fell on Friday, as anticipated warmer weather and far lower residential demand helped widen its discount to the within-day price.

* Day-ahead gas prices fell 1.85 pence to 28.75 pence per therm by 0800 GMT.

* Within-day gas prices fell 1.0 pence to 30.00 p/therm.

* Both contracts rose on Thursday together with the crude oil price, which increased with the threat to supplies from an attack on two tankers in the Gulf of Oman

* Weather forecasters monitored by Refinitiv increased their temperature forecast by 2 degrees Celsius for Monday to 14.6 degrees, just above the seasonal norm after several days of below-average chill.

ADVERTISEMENT

* The turn in the weather has prompted forecasts for residential gas demand to be reduced by 13 million cubic metres (mcm) to 77 mcm for Monday compared to 94 mcm on Friday

* Friday's demand forecast was also reduced by 11 mcm, which helped offset some bullish factors for the day, traders said

* The UK gas system was undersupplied by 11.8 mcm with demand forecast at 207.7 mcm and flows at 195.9 mcm/day, National Grid data showed.

* Wind generation is expected at 5.7 gigawatts (GW) on Friday compared to 10 GW on Thursday, although gas-for-power demand, normally boosted by lower wind, was stable at 56 mcm.

* Further along the curve, gains made on Thursday thanks to the rising oil complex were reversed.

* The July contract fell 0.12 p to 28.15 p/therm.

* Winter 2019 contracts fell 0.55 pence to 51.50 p/therm.

* Day-ahead gas prices at the Dutch TTF hub fell 0.45 euros to 10.98 euros per megawatt hour.

* Benchmark Dec-19 EU carbon contracts fell 0.12 euros to 24.84 euros per tonne. (Reporting by Sabina Zawadzki; Editing by Jan Harvey)