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UK GAS-Prices decline on over-supply

  • The gas system was over-supplied by 18 million cubic metres (mcm), with demand at 160 mcm and flows at 178 mcm/day, National Grid data shows.
Published September 22, 2020

LONDON: British wholesale gas prices fell on Tuesday morning amid ample supply.

The within-day contract fell by 0.85 pence to 29.50 pence per therm at 0806 GMT.

The October contract was 0.60 pence lower at 29.75 p/therm.

The gas system was over-supplied by 18 million cubic metres (mcm), with demand at 160 mcm and flows at 178 mcm/day, National Grid data shows.

However, several outages are due to start on Wednesday and flows to Britain are expected to be re-routed to continental Europe, analysts at Refinitiv said.

Temperatures are forecast to drop tomorrow. Average temperatures are seen going down from 15.9 degrees Celsius on Tuesday to 13.6C on Wednesday and 9.1C at the weekend.

Peak wind generation is forecast at 9.7 gigawatts (GW) on Tuesday and 7.3 GW on Wednesday, out of total metered capacity of around 18 GW, Elexon data shows.

The day-ahead gas price at the Dutch TTF hub was down by 0.28 euro at 11.10 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract edged up by 0.11 euro to 26.43 euros a tonne.

GAS

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