LONDON: Prompt natural gas prices in Britain rose on Friday, as cooler weather triggered stronger demand and lower imports from Norway tightened supplies.
National Grid data showed the system was around 15 million cubic metres (mcm) undersupplied, with supply flows at around 293 mcm and demand forecast at around 308 mcm.
This was up from around 290 mcm demand the previous day as temperatures fell to below seasonal norms.
Gas prices for within-day delivery were up 1.5 percent at 47.20 pence per therm at 0903 GMT.
Flows from Norway's Langeled pipeline were 55 mcm, down from Thursday's average of 60 mcm.
"The reduction in Langeled flows is possibly due to rerouting of gas to the Continent being compensated by Statoil for missing volumes from ?sgard, where an outage is reported today," analysts at Thomson Reuters Point Carbon said.
Norwegian gas output will be down by 36 million cubic metres on Friday, about a tenth of the country's capacity, due to the lingering effect of several unplanned outages, gas system operator Gassco said.
Europe's winter has been mild thus far, although meteorologists forecast temperatures in Britain at below seasonal norms through to next week, providing support to nearby contracts.
Prices for February delivery were down 1.2 percent at 46.13 pence per therm.
In the Netherlands, the day-ahead gas price at the TTF hub was down 1.2 percent at 19.83 euros per megawatt-hour.
The benchmark European Union carbon price dipped 0.05 euros to 7.16 euros per tonne on ICE Futures Europe.
Comments
Comments are closed for this article.