AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)
Markets

UK GAS-Prices slump on oversupply, higher Norwegian imports

  • Britain's gas system was oversupplied by 17 million cubic metres (mcm) with demand forecast at 180.5 mcm and flows at 197.5 mcm/day, National Grid data showed.
Published September 30, 2020

Prompt British wholesale gas prices fell on Wednesday morning as a ramp up in imports from Norway left the system oversupplied.

The day-ahead contract was down 2.10 pence at 33.50 p/therm by 0827 GMT.

Traders said higher imports from Norway, as fears over significant strike disruption subsided, coupled with strong output from the country's wind farms led to oversupply, pushing prices lower.

Britain's gas system was oversupplied by 17 million cubic metres (mcm) with demand forecast at 180.5 mcm and flows at 197.5 mcm/day, National Grid data showed.

Peak wind power generation is forecast at 10.6 gigawatts (GW) on Wednesday, falling to 7.7 GW on Thursday, National Grid data showed.

"UK wind power generation is expected to drop below seasonal normal tomorrow, afterwards recovering to above normal for the rest of the week," analysts at Refinitiv said in a daily research note.

Imports from Norway though the Langeled pipeline were expected at 72 mcm/day, up 21 mcm on the previous day, Refinitiv Eikon data showed.

Norway's Equinor said it would continue production at its Johan Sverdrup oil field despite some union members voting to strike.

Further out on the curve prices also fell with the new gas year set to start on Thursday.

The October contract was down 1.80 p at 33.50 p/therm.

The Winter 2020 contract was down 0.99 pence at 39.01 p/therm.

The day-ahead gas price at the Dutch TTF hub was down 0.65 euro at 11.90 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract slipped 0.04 euro to 26.75 euros per tonne.

GAS

Comments

Comments are closed.