Prices rise due to undersupply

LONDON: British wholesale gas prices rose on Thursday morning due to an undersupplied system.

* Day-ahead gas was 1.00 pence higher than the previous settlement at 28.00 pence per therm at 0728 GMT.

* Gas for July delivery was 0.45 pence higher at 27.00 p/therm.

* The system is undersupplied by around 9 million cubic metres (mcm), with demand forecast at nearly 208 mcm and flows at 199 mcm/day, National Grid data shows.

* The short system is due to a rise in exports through the InterconnectorUK pipeline to continental Europe and lower flows to Britain from Norway via the Vesterled pipeline.

* Vesterled flows have fallen to 2 mcm from 10 mcm on Wednesday.

* Gas for power demand is also lower due to strong wind output.

* The forecast for the average temperature on Friday is 0.4 degrees Celsius lower than previously, while the weekend forecast is 0.1C higher than previously, Refinitiv Eikon data shows.

* Dutch gas for July delivery edged up by 0.07 euro to 10.57 euros per megawatt hour.

* Benchmark Dec-19 EU carbon inched down by 0.07 euro to 24.89 euros a tonne.