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UK GAS-Prices rise as lower temperatures lift demand

Reuters - UK Focus

LONDON, Oct (Shenzhen: 000069.SZ - news) 5 (Reuters) - British wholesale gas prices rose on Thursday morning as lower temperatures lifted heating demand and on expectations of less wind power output. * Day-ahead gas rose by 1.35 pence to 47.50 pence per therm at 0723 GMT. * November contract up 0.85 pence at 49.90 p/therm. * Traders said lower temperatures were increasing demand for heating. Gas-for-power demand for Friday was also higher due to a dip in wind power output. * Average temperatures in the south-east of the country are forecast to go down by 2 degrees on Friday to 15 degrees Celsius, Met Office data shows. * Peak wind generation is expected to be nearly 7.3 gigawatts (GW) on Friday, down from 8.8 GW on Thursday. * The gas system was slightly undersupplied by around 3 million cubic metres (mcm), with demand forecast at 224 mcm and flows at nearly 221 mcm/day, according to National Grid (LSE: NG.L - news) data. * UK Continental Shelf flows were strong at around 154 mcm/day and supply from Norway through the Langeled pipeline were around 55 mcm/day. * Exports to continental Europe were slightly lower at 7 mcm/day, down from 9 mcm/day on Wednesday. * "Low InterconnectorUK exports could continue for at least until the Corrib field restarts and there are less exports to Ireland (Other OTC: IRLD - news) ," said Thomson Reuters (Dusseldorf: TOC.DU - news) gas analyst Oliver Sanderson. * "The latest REMIT for Corrib is for a restart on Oct. 6. It is difficult to try and second-guess the notifications for Corrib and the current trend of altering the restart each day is highly frustrating," he added. * In the Dutch gas market, the November gas price at the TTF hub rose by 0.23 euro to 18.13 euros per megawatt hour (MWh). * The benchmark Dec (Shanghai: 600875.SS - news) -17 EU carbon contract was 0.06 euro higher at 6.96 euros a tonne. * Thomson Reuters analyst view: http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas (Reporting by Nina Chestney)