- The July gas price at the Dutch TTF hub rose 0.27 euro to 5.30 euros per megawatt hour.
LONDON: Prompt British wholesale gas prices rose on Friday morning on expectations of increased demand for gas in power generation next week and falling liquefied natural gas (LNG) supply.
The day-ahead contract rose 1.15 pence to 13.50 p/therm by 0848 GMT.
The weekend contract rose 0.90 p to 13.00 p/therm.
Gas-for-power demand is expected to increased to 59 million cubic metres (mcm) on Monday from 27 mcm on Friday, Refinitiv data showed. The forecast was revised up strongly from an earlier prediction due the start of maintenance at several French Nuclear plants next week.
"Market is anticipating a tighter outlook for next week, as several French Nuclear outages have been reported which should reduce the offtake from French interconnectors, pressuring additional domestic gas for power output," Refinitiv analysts said in a morning note.
On Friday, some Norweigian gas was rerouted from Britain to the continent, with flows to Britain down by 3 mcm day-on-day, Gassco data showed.
In terms of liquefied natural gas (LNG) supply, a drop in deliveries from the United States into Europe is expected to support gas contracts at Northwest European hubs relative to other European markets, consultancy Energy Aspects said earlier this week.
"Regasification from UK terminals has averaged 39 mcm/day so far this month, down from 51 mcm/day in May, and is the lowest since September 2019," it added.
UK July contract rose 1.25 p to 13.85 p/therm.
The July gas price at the Dutch TTF hub rose 0.27 euro to 5.30 euros per megawatt hour.
The benchmark Dec-20 EU carbon contract was down 0.19 euro at 22.08 euros per tonne.