LONDON: Wholesale natural gas prices in Britain rose on Monday morning due to undersupply caused by a drop in the amount of gas received by the St Fergus gas terminal from the UK Continental Shelf (UKCS).
Prices for delivery on Tuesday were trading at 36.50 pence per therm by 0837 GMT, 2.10 pence, or 6 percent higher, than the previous settlement.
Prices for immediate delivery were 0.70 pence higher at 36.50 pence per therm.
Britain's gas system was undersupplied by around 16 million cubic metres (mcm) of gas on Monday, according to National Grid data. Demand was forecast at 174 mcm, while supply was seen at 158 mcm.
The undersupply was mainly due to a decrease in gas received from the UK Continental Shelf by the St Fergus gas terminal.
The terminal is made up of gas processing plants which receive and process gas from North Sea gas fields and transport it to shore.
Gas processing plants operators at the terminal were not immediately available to comment.
"There have been no reports of maintenance though it is possible that the decline (in receipts) is due to specific field maintenance that generally goes unreported," said Thomson Reuters Point Carbon analysts.
"It is also possible that the reduction is related to fields that will not be impacted by Forties (oil field) maintenance in early August and are therefore undergoing annual maintenance now," they added.
Further along the curve, gas for delivery in Winter 2014/15 was up 0.60 pence at 55.75 pence per therm.
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