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Markets

UK GAS-Prices fall on higher Norwegian imports, stronger wind output

  • A long system due to higher Norwegian imports and lower gas-for-power demand was bearing on prices, traders said.
Published October 6, 2020

LONDON: British prompt wholesale gas prices fell on Tuesday morning as Norwegian imports ramped up and stronger wind output reduced demand from gas-to-power plants.

The within-day contract was 1,05 pence lower at 35.75 pence per therm by 0930 GMT.

The day-ahead contract was 0.40 pence lower at 35.90 p/therm.

A long system due to higher Norwegian imports and lower gas-for-power demand was bearing on prices, traders said.

The system is oversupplied by 23 million cubic metres (mcm), with supply forecast at 211 mcm/day and demand at 188 mcm, National Grid data shows.

Refinitiv gas analysts said flexible gas fields in Norway have been ramped up to compensate for a production loss due to an oil and gas worker strike.

"Overall, the UK market is not as tight as yesterday when the strike started," they said.

Flows via the Langeled pipeline are nominated at 73 mcm/d, 4 mcm higher than Monday, while Vesterled gas flows are nominated at 6 mcm, from 1 mcm on Monday.

Peak wind generation is forecast at 10.2 gigawatts (GW) on Tuesday and 12.1 GW on Wednesday, out of total metered capacity of around 18 GW, Elexon data shows.

Strong wind output typically reduces demand for gas from power plants.

Temperatures are expected to stay slightly below the seasonal norm before falling further from Thursday, reaching 8 degrees Celsius on Saturday.

The day-ahead gas price at the Dutch TTF hub was down by 0.27 euro at 12.80 euro per megawatt hour.

The benchmark Dec-20 EU carbon contract was 0.25 euro lower at 26.69 euros a tonne.

GAS

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