Advertisement
UK markets closed
  • NIKKEI 225

    38,236.07
    -37.98 (-0.10%)
     
  • HANG SENG

    18,207.13
    +444.10 (+2.50%)
     
  • CRUDE OIL

    79.06
    +0.06 (+0.08%)
     
  • GOLD FUTURES

    2,313.40
    +2.40 (+0.10%)
     
  • DOW

    38,225.66
    +322.37 (+0.85%)
     
  • Bitcoin GBP

    47,314.01
    +1,258.35 (+2.73%)
     
  • CMC Crypto 200

    1,270.55
    -0.19 (-0.02%)
     
  • NASDAQ Composite

    15,840.96
    +235.48 (+1.51%)
     
  • UK FTSE All Share

    4,446.15
    +27.55 (+0.62%)
     

UK GAS-Prices fall on supply surplus from higher flows from Norway

Sept 12 (Reuters) - British wholesale gas prices fell on Wednesday as flows through Norway's largest pipeline Langeled rose, creating a supply surplus.

* Day-ahead gas fell by 2.65 pence to 73.00 pence per therm by 0837 GMT

* Within-day gas price down 3.70 pence at 72.30 pence per therm

* A rise in flows through Norway's Langeled pipeline created a long system and caused prices to decline amid the gas oversupply, said a British gas trader

* The market is oversupplied, with demand forecast at 176.9 million cubic metres (mcm) and flows at 183.4 mcm/day, National Grid data shows

* Gas supply from Norway to Britain rose to 71 mcm per day from 45 mcm the previous day as flows through the Langeled pipeline rose significantly

ADVERTISEMENT

* Gas prices rose despite temperatures on Wednesday falling short of forecasts for warmer weather.

* Average daily temperatures in Britain are seen around 14.2 degrees Celsius on Wednesday and are forecast to fall to 12.7 C the next day, lower than previous estimates, Thomson Reuters (Dusseldorf: TOC.DU - news) Eikon data shows

* October contract down 2.00 pence at 72.90 p/therm

* In the Dutch gas market, the day-ahead price at the TTF hub was down 0.80 euro at 27.90 euros per megawatt hour

* The benchmark Dec (Shanghai: 600875.SS - news) -18 EU carbon contract fell by 0.50 euro to 23.68 euros a tonne (Reporting by Lefteris Karagiannopoulos in Oslo; editing by Alexander Smith)