UK GAS Prompt prices fall as temperatures turn warmer

• The within-day contract was down 2.50 pence at 33.50 p/therm by 0915 GMT.
• The January gas price at the Dutch TTF hub  was down 0.20 euro at 14.50 euros per megawatt hour.
• The benchmark Dec-19 EU carbon contract was up 0.43 euro at 25.50 euros per tonne.

LONDON: Prompt British wholesale gas prices fell on Friday, giving up strong gains made on Thursday as forecasts for warmer temperatures than previously expected curbed demand for gas.

The within-day contract was down 2.50 pence at 33.50 p/therm by 0915 GMT.

The day-ahead contract was down 0.25 pence at 33.25 p/therm.

Traders said contracts corrected after a sharp spike on Thursday following gains across the energy complex on hopes the United States was close to reaching a trade deal with China.

"Fundamentally it's still bearish, there is a lot of supply," a gas trader said.

Average temperatures in Britain are expected at 5.6 degrees Celsius on Friday, Eikon Refinitiv data showed, 1.4 degrees higher than previously forecast.

Analysts at Refinitiv also said gas demand from power stations was weak on Friday.

Strong supply is expected over the next few weeks, with three liquefied natural gas (LNG) tankers currently docked and a further 15 scheduled to arrive in Britain before the end of the year.

Further along the curve prices also slipped.

The January gas contract was down 0.65 pence at 37.35 p/therm.

The summer 2020, contract was down 0.85 p at 33.75 p/therm.

The January gas price at the Dutch TTF hub  was down 0.20 euro at 14.50 euros per megawatt hour.

The benchmark Dec-19 EU carbon contract was up 0.43 euro at 25.50 euros per tonne.