Prices fall on milder weather and reduced holiday season demand

Madiha Shakeel December 27, 2018

British wholesale gas prices fell on Thursday due forecasts for higher temperatures than previously expected and as the holiday season reduced demand for industrial gas consumption.

* Day-ahead gas was down 2.30 pence at 64.70 pence per therm at 0900 GMT.

* Within-day gas price down 2.55 pence at 63.75 p/therm.

* Gas prices fell due to higher temperatures than what the market previously expected, and as gas demand for industrial consumption was also lower due to the holiday season, a trader said.

* Average daily temperatures in Britain are expected to be 6.4 degrees Celsius on Thursday, warmer than previously seen, rising to 6.6 C on Friday.

* The system was oversupplied. Gas demand in Britain was forecast at 269.2 million cubic metres/day and flows at 292.4 mcm/day, National Grid data showed.

* Norwegian gas flows to Britain were strong, even though lower at 117 mcm/day from 122 mcm/day on Monday.

* Three vessels with liquefied natural gas are expected to arrive in Britain by Sunday..

* Jan contract fell 2.15 p to 66.35 p/therm.

* Day-ahead Dutch gas at the TTF hub fell by 0.15 euro to 23.95 euros per megawatt hour.

* The benchmark Dec-19 EU carbon contract fell by 0.04 euro to 25.14 euros a tonne.

Copyright Reuters, 2018
 

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