UK GAS Prices edge up as supplies, temperatures dip

• The day-ahead contract moved 0.35 pence higher to 41.20 pence per therm by 0845 GMT.
• November's LNG imports to Britain were the highest for a month since at least 2013.
• The December contract dipped 0.08 pence to 41.72 pence per therm.

LONDON: British wholesale gas prices edged higher on Wednesday as supplies dipped slightly, leading to an undersupplied market, while lower temperatures were forecast.

The day-ahead contract moved 0.35 pence higher to 41.20 pence per therm by 0845 GMT.

The within-day contract was yet to trade

Britain's gas system was balanced with demand forecast at 278.6 million cubic metres (mcm) and supplies seen at 278.7 mcm, National Grid data showed

Flows from the UK Continental Shelf were reduced by 3 mcm to 148 mcm while from Norway along the Langeled pipeline, they were also down by 3 mcm to 70 mcm.

Sendout from liquefied natural gas (LNG) terminals was stable at 52 mcm, but that followed a drop of 13 mcm on Tuesday.

A total of nine cargoes are expected in Britain between Nov. 28 and Dec. 16, however, adding ample supplies in the coming two weeks.

November's LNG imports to Britain were the highest for a month since at least 2013.

Temperature forecasts from weather watchers monitored by Refinitiv gas analysts were reduced for Wednesday and Thursday, leading to higher gas consumption expectations.

Residential gas consumption, used mainly in heating, are forecast at 178 mcm on Wednesday and to climb to 194 mcm on Thursday, 15 mcm higher than previously expected.

Gas for power is also expected to be higher -- by 11 mcm at 61 mcm -- with low peak wind generation levels of 7.6 gigawatts (GW) out of a total 15.3 metred capacity.

The December contract dipped 0.08 pence to 41.72 pence per therm.

Day-ahead gas at the Dutch TTF hub rose 0.15 euro to 15.70 euros per megawatt hour.

The benchmark Dec-19 EU carbon contract slipped 0.03 euro to 24.41 euros per tone.