AGL 8.30 Decreased By ▼ -0.03 (-0.36%)
ANL 10.95 Increased By ▲ 0.25 (2.34%)
AVN 79.70 Increased By ▲ 1.51 (1.93%)
BOP 5.75 Increased By ▲ 0.18 (3.23%)
CNERGY 5.64 Increased By ▲ 0.26 (4.83%)
EFERT 79.36 Increased By ▲ 0.71 (0.9%)
EPCL 67.48 Decreased By ▼ -0.31 (-0.46%)
FCCL 14.89 Increased By ▲ 0.39 (2.69%)
FFL 6.70 Increased By ▲ 0.10 (1.52%)
FLYNG 7.16 Increased By ▲ 0.13 (1.85%)
GGGL 11.60 Increased By ▲ 0.26 (2.29%)
GGL 17.51 Increased By ▲ 0.27 (1.57%)
GTECH 8.35 Increased By ▲ 0.05 (0.6%)
HUMNL 7.17 Increased By ▲ 0.11 (1.56%)
KEL 3.14 Increased By ▲ 0.06 (1.95%)
LOTCHEM 35.20 Increased By ▲ 2.33 (7.09%)
MLCF 28.35 Increased By ▲ 0.05 (0.18%)
OGDC 87.70 Increased By ▲ 3.15 (3.73%)
PAEL 16.63 Increased By ▲ 0.18 (1.09%)
PIBTL 6.05 Increased By ▲ 0.20 (3.42%)
PRL 19.46 Increased By ▲ 1.34 (7.4%)
SILK 1.14 No Change ▼ 0.00 (0%)
TELE 11.41 Increased By ▲ 0.31 (2.79%)
TPL 9.20 Increased By ▲ 0.20 (2.22%)
TPLP 20.25 Increased By ▲ 0.37 (1.86%)
TREET 27.10 Increased By ▲ 0.48 (1.8%)
TRG 96.20 Increased By ▲ 1.70 (1.8%)
UNITY 20.85 Increased By ▲ 0.48 (2.36%)
WAVES 13.90 Increased By ▲ 0.27 (1.98%)
WTL 1.34 Increased By ▲ 0.03 (2.29%)
BR100 4,275 Increased By 67 (1.59%)
BR30 15,794 Increased By 348.3 (2.26%)
KSE100 42,872 Increased By 628.4 (1.49%)
KSE30 16,219 Increased By 247.6 (1.55%)
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

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

Comments

Comments are closed.