Advertisement
UK markets close in 42 minutes
  • FTSE 100

    8,145.69
    +66.83 (+0.83%)
     
  • FTSE 250

    19,833.91
    +231.93 (+1.18%)
     
  • AIM

    755.82
    +2.70 (+0.36%)
     
  • GBP/EUR

    1.1667
    +0.0010 (+0.09%)
     
  • GBP/USD

    1.2478
    -0.0033 (-0.26%)
     
  • Bitcoin GBP

    51,268.79
    +432.51 (+0.85%)
     
  • CMC Crypto 200

    1,338.28
    -58.26 (-4.17%)
     
  • S&P 500

    5,101.74
    +53.32 (+1.06%)
     
  • DOW

    38,207.13
    +121.33 (+0.32%)
     
  • CRUDE OIL

    83.40
    -0.17 (-0.20%)
     
  • GOLD FUTURES

    2,345.50
    +3.00 (+0.13%)
     
  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     
  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     
  • DAX

    18,191.68
    +274.40 (+1.53%)
     
  • CAC 40

    8,111.73
    +95.08 (+1.19%)
     

UK GAS-Prompt prices fall on warm weather, Rough outage

* Temperatures could reach 16 Celsius

* Outage at Centrica (LSE: CNA.L - news) 's Rough storage site

LONDON, May 3 (Reuters) - British spot gas prices fell on Tuesday morning, as warm weather and an outage at the country's main gas storage site curbed demand.

Gas for within-day delivery was at 29.80 pence per therm at 0826 GMT, down 2.3 pence, or 7 percent since the last settlement.

Gas for day-ahead delivery fell 1.92 pence to 29.50 pence per therm.

"The Rough storage outage is more likely to be bearish than bullish. Consumption is relatively weak and injections to Rough would support prices in this situation," gas analysts at Thomson Reuters said in a daily research note.

ADVERTISEMENT

An outage at Centrica's Rough gas storage site, Britain's largest, began on April 27 but does not have a confirmed end date.

Gas is traditionally injected into storage during the warmer summer months when demand is weak.

Britain's Met Office said temperatures in the south of the country could reach a high of 16 degrees Celsius on Tuesday and 17 degrees on Wednesday.

Meanwhile, gas imports from Norway remained seasonally high.

Flows to Britain from Norway via the Langeled pipeline were around 45 mcm day, National Grid (LSE: NG.L - news) data showed.

Gas prices further along the curve also fell, with the Winter 16 contract down 1.18 pence at 34.60 pence per therm.

In the Netherlands, the day-ahead gas price at the TTF hub fell 0.42 euro to 12.23 euros per megawatt hour (MWh).

In Europe's carbon market the front-year EU Allowance (EUA) price dipped 0.10 euro to 6.01 euros per tonne. (Reporting by Susanna Twidale; editing by Jason Neely)