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Markets

UK GAS-Prompt prices rise as temperatures and wind power output fall

  • Traders said wind power output was expected to plummet from Thursday, while colder temperatures were also forecast for the rest of the week.
25 Nov 2020

LONDON: British wholesale gas prices rose on Wednesday morning as colder temperatures boosted gas demand for heating and low wind speeds increased demand from power plants.

The day-ahead contract was up 1.35 pence at 40.00 p/therm by 1044 GMT.

The weekend contract was up 1.35 p at 40.00 p/therm.

Traders said wind power output was expected to plummet from Thursday, while colder temperatures were also forecast for the rest of the week.

Peak wind power generation is forecast at 7.9 gigawatts (GW) on Wednesday, dropping to 1.6 GW on Thursday, Elexon data showed.

Average temperatures in Britain were forecast at 8.7 degrees Celsius on Wednesday, falling to 4.6C on Thursday, Refinitiv Eikon data showed.

Analysts at Refinitiv forecast local distribution zone (LDZ) demand, which is primarily used for heating, at 182 million cubic metres (mcm) for Wednesday and 208 mcm for Thursday, up 4 mcm and 25 mcm respectively from the previous forecasts.

"Temperatures are forecast to drop below seasonal norms lifting UK gas consumption strongly up on day-ahead," analysts at Refinitiv said in a daily research note

Britain's gas system was slightly undersupplied with demand forecast at 275.7 mcm and supply forecast at 274.3 mcm/day, National Grid data showed.

Further out on the curve prices also rose.

The December contract was up 1.06 p at 40.00 p/therm.

The day-ahead gas price at the Dutch TTF hub rose 0.28 euros at 14.18 per megawatt hour.

The benchmark Dec-20 EU carbon contract was up 0.10 euro at 27.72 euros per tonne.

GAS