LONDON: British wholesale natural gas prices for immediate delivery edged up on Wednesday as the system was slightly undersupplied but contracts for delivery the next day were down on the back of a more balanced outlook.
Prices for delivery within the day were trading at 36.20 pence per therm at 0830 GMT on Wednesday, up 0.27 pence since their last settlement, while prices for delivery on Thursday were down 0.3 pence to 36 pence a therm.
"The system opened 5-10 million cubic metres (mcm) short due to an unplanned outage at Morecambe, so that pulled up prices for today, but we expect a balanced system again tomorrow so prices for Thursday dipped," one gas trader said.
Britain's 8.4 mcm per day capacity North Morecambe gas sub-terminal went into an unplanned outage on Tuesday.
Overall price levels remain very low as healthy production, import and stock supplies are met by low demand following an unusually mild winter and spring as well as a warm start to Europe's summer.
Meteorologists say that average British temperatures are expected to rise from around 15 degrees Celsius currently towards the seasonal norm of almost 16 degrees by Friday and towards 20 degrees by late next week.
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