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Markets

UK GAS-Prompt prices edge higher as wind power output falls

  • Traders said stronger demand from power stations also came amid a series of unplanned outages which have curbed supply.
Published June 16, 2020

LONDON: Prompt British wholesale gas prices edged higher on Tuesday morning as forecasts for low wind power boosted demand for gas from power plants.

The day-ahead contract was up 0.30 pence at 14.70 p/therm by 0838 GMT.

The weekend contract was up 0.05 p at 13.90 p/therm.

Traders said stronger demand from power stations also came amid a series of unplanned outages which have curbed supply.

Peak wind power generation is forecast at 1.2 gigawatts (GW) on Tuesday, and less than 1 GW on Wednesday, Elexon data showed.

"Gas for power is nominated around 65 mcm/d, up from yesterday's nomination of 58 mcm/d which contributes to the tightness of the system," analysts at Refinitiv said in a daily research note.

Britain's gas system was undersupplied, with demand forecast at 189.9 million cubic metres (mcm) and flows at 178.4 mcm/day, National Grid data showed.

An unplanned outage at the Culzean field cut available capacity at Total's Teesside Cats system by 55 GWH/day , it said in an operational note.

An unplanned outage at Norway's Gullfaks cut supply from Norway by 6.8 mcm/day, Operator Gassco said.

The July gas contract was up 0.20 p at 14.20 p/therm.

The day-ahead gas price at the Dutch TTF hub was up 0.07 euro at 5.45 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was up 0.70 euro at 22.86 euros per tonne.

GAS

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