Advertisement
UK markets closed

  • FTSE 100

    7,895.85
    +18.80 (+0.24%)
     

  • FTSE 250

    19,391.30
    -59.37 (-0.31%)
     

  • AIM

    745.67
    +0.38 (+0.05%)
     

  • GBP/EUR

    1.1607
    -0.0076 (-0.65%)
     

  • GBP/USD

    1.2369
    -0.0069 (-0.56%)
     

  • Bitcoin GBP

    51,665.55
    +348.21 (+0.68%)
     

  • CMC Crypto 200

    1,381.71
    +69.09 (+5.26%)
     

  • S&P 500

    4,967.23
    -43.89 (-0.88%)
     

  • DOW

    37,986.40
    +211.02 (+0.56%)
     

  • CRUDE OIL

    83.44
    +0.71 (+0.86%)
     

  • GOLD FUTURES

    2,403.20
    +5.20 (+0.22%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

  • HANG SENG

    16,224.14
    -161.73 (-0.99%)
     

  • DAX

    17,737.36
    -100.04 (-0.56%)
     

  • CAC 40

    8,022.41
    -0.85 (-0.01%)
     
Property:

11 beautiful homes with glorious garden rooms

Investing in a home with a garden room will enable you to enjoy your outside space whatever the weather

UK GAS-Spot prices steady, strong imports from Norway

Reuters - UK Focus

* Milder weather forecast from Friday

* Langeled flows steady at 66 mcm/day

LONDON, Feb 18 (Reuters) - British gas prices for prompt delivery held steady on Thursday as flows picked up at Total (Other OTC: TTFNF - news) 's St Fergus terminal and Norwegian exports remained strong.

Gas for immediate delivery was unchanged at 30.50 pence per therm by 0905 GMT. Gas for delivery on Friday fell 0.45 pence to 29.95 p/therm.

Britain's gas system was undersupplied by around 7 million cubic metres (mcm), with demand forecast at around 321 mcm/day while flows are at around 314 mcm/day, National Grid (Amsterdam: NG8.AS - news) data showed.

ADVERTISEMENT

The tightness was expected to be short-lived, however, as forecasts for milder temperatures in the coming days will curb demand for gas for heating.

The Met Office forecast temperatures reaching highs of 10 degrees Celsius on Friday, rising back above seasonal norms after the recent cold snap.

Total's St Fergus gas terminal saw flows increase after offshore production resumed following disruption on the weekend.

Flows from Norway's Langeled pipeline remained at 66 mcm/day, near full capacity and in line with Wednesday.

Centrica (LSE: CNA.L - news) on Wednesday announced a production cut at Britain's North Morecambe sub-terminal to last until Friday.

Further along the UK gas curve, the Summer 2016 contract rose 0.25 pence to 27.50 p/therm.

"Seasonal contracts have continued to firm on the gains made late yesterday, supported by front month Brent crude trading up to $35/bbl in overnight trading," said Marcel Boonaert, head of trading and portfolio at Wingas UK.

Crude futures rose after Iran welcomed plans by Russia and Saudi Arabia to cap production, although analysts said the move would not lead to any output cuts and Tehran offered no action of its own.

In the Netherlands, the day-ahead gas price at the TTF hub was 0.14 euro higher at 12.02 euros per megawatt-hour, also due to increased consumption.

In the European carbon market, front-year EU allowances were up by 0.14 euros at 5.24 euros a tonne. (Reporting by Sarah McFarlane)