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Markets

UK GAS-Prices edge higher, Norwegian strike impact remains muted

  • Norwegian imports to Britain via the main Langeled pipeline were little changed around 73 million cubic metres (mcm) on Wednesday, National Grid data showed.
Published October 7, 2020
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LONDON: British wholesale gas prices rose on Wednesday amid the possibility of escalating strikes in Norway but the gains were limited as flows from Norway to Britain remained strong.

The within-day contract was up 0.70 pence at 36.50 p/therm by 0904 GMT.

The day-ahead contract was up 0.95 pence at 36.75 p/therm.

Norwegian imports to Britain via the main Langeled pipeline were little changed around 73 million cubic metres (mcm) on Wednesday, National Grid data showed.

"The production impact from the Norwegian strike has been partially offset by higher production from Troll and Oseberg," analysts at Refintiv said in a daily research note.

Six offshore oil and gas fields shut down on Monday while Norway's Lederne labour union said on Tuesday it will expand the strike to four additional fields from Oct. 10 unless a wage bargain can be reached.

Nick Campbell, director at Inspired Energy, said disputes of this type have often been called off at the last minute, limiting the impact on prices.

"Also, given the current weather outlook, wind generation is likely to reduce gas burn thus providing some demand-side slack," he said.

Peak wind power generation is forecast at 11.6 gigawatts (GW) on Wednesday and 8.7 GW on Thursday, Elexon data showed.

Britain's gas system was over-supplied, with demand forecast at 198.4 mcm and flows at 205.7 mcm/day, National Grid data showed.

Further out on the curve, prices also rose.

The November contract was up 0.35 p at 37.50 p/therm.

The Summer 2021 contract was up 0.30 p at 33.25 p/therm.

The day-ahead gas price at the Dutch TTF hub was up 0.10 euro to 12.95 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was up 0.58 euro at 27.37 euros per tonne.

GAS

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