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Markets

UK GAS-Prices drop on oversupply, weaker energy complex

  • Oil prices were down 3pc on Friday on news of the President's COVID-19 test result, and as negotiators failed to agree a US stimulus package.
Published October 2, 2020

LONDON: Prompt British wholesale gas prices fell on Friday as an oversupplied market and bearish sentiment across the energy complex weighed on prices.

The within-day contract was down 1.35 pence at 31.75 p/therm by 1001 GMT.

The day-ahead contract was down 0.75 pence at 32.00 p/therm.

Traders said oversupply had been the main driver, while losses in other energy markets after the news that US President Donald Trump had tested positive for COVID-19, contributed to depressed prices.

Britain's gas system was oversupplied by 11.3 million cubic metres (mcm) with demand forecast at 198.7 mcm and flows at 210 mcm/day, National Grid data showed.

Oil prices were down 3pc on Friday on news of the President's COVID-19 test result, and as negotiators failed to agree a US stimulus package.

Forecasts for strong output from Britain's wind farms also curbed demand for gas.

Peak wind power generation is forecast at 7.5 gigawatts (GW) on Friday, rising to 9.8 GW on Tuesday, Elexon data showed.

Analysts at Refinitiv forecast gas for power demand at 40 mcm on Friday, down 20 mcm on the previous forecast,

The November contract was down 0.85 p at 35.65 p/therm.

The Summer 2021 contract was down 0.71 p at 32.99 p/therm.

The day-ahead gas price at the Dutch TTF hub was down 0.45 euro to 11.68 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was down 0.34 euro at 26.17 euros per tonne.

GAS

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