LONDON: Prompt prices for wholesale natural gas in Britain fell on Monday on prospects for increased supplies in the coming week after maintenance at a Norwegian gas field was completed earlier than planned.
Gas prices for next-day delivery were trading at 37.20 pence per therm at 0855 GMT, down 0.65 pence from their last close, while prices for immediate delivery were down by 1.10 pence to 36.90 pence per therm.
Last week, Gassco rescheduled maintenance at its Troll gas field in the Norwegian sector of the North Sea several times, finally saying work would take place on Aug 5-6.
The work was expected to reduce gas supplies through the Langeled pipeline from Norway to Britain to just a few million cubic metres per day.
However, Gassco said the work was completed over the weekend.
Gas traders said this meant there would be more gas available to the market this week than they had previously expected, pushing down prices.
Britain's gas system opened short of around 4 mcm of gas on Monday morning, National Grid data showed.
Flows through the Langeled pipeline from Norway to Britain were lower on Monday morning as supplies were redirected to continental Europe.
In Britain's power market, day-ahead baseload power prices for delivery on Tuesday fell by 1.55 pounds to 36.20 pounds per megawatt-hour.
There is a total of 1,620 MW of nuclear capacity offline.
Comments
Comments are closed for this article.