AGL 7.99 Decreased By ▼ -0.01 (-0.13%)
ANL 11.22 Decreased By ▼ -0.10 (-0.88%)
AVN 84.96 Increased By ▲ 1.51 (1.81%)
BOP 6.08 Increased By ▲ 0.23 (3.93%)
CNERGY 5.78 Decreased By ▼ -0.07 (-1.2%)
EFERT 80.15 Increased By ▲ 0.05 (0.06%)
EPCL 65.94 Decreased By ▼ -1.35 (-2.01%)
FCCL 15.00 Decreased By ▼ -0.20 (-1.32%)
FFL 7.06 Increased By ▲ 0.02 (0.28%)
FLYNG 7.60 Decreased By ▼ -0.17 (-2.19%)
GGGL 11.70 Decreased By ▼ -0.20 (-1.68%)
GGL 17.40 Decreased By ▼ -0.25 (-1.42%)
GTECH 9.26 Increased By ▲ 0.08 (0.87%)
HUMNL 7.23 Increased By ▲ 0.03 (0.42%)
KEL 3.43 Decreased By ▼ -0.07 (-2%)
LOTCHEM 30.37 Decreased By ▼ -0.58 (-1.87%)
MLCF 28.49 Decreased By ▼ -0.03 (-0.11%)
OGDC 84.84 Decreased By ▼ -0.36 (-0.42%)
PAEL 16.89 Decreased By ▼ -0.22 (-1.29%)
PIBTL 6.05 Decreased By ▼ -0.10 (-1.63%)
PRL 19.84 No Change ▼ 0.00 (0%)
SILK 1.26 Decreased By ▼ -0.03 (-2.33%)
TELE 12.04 Decreased By ▼ -0.01 (-0.08%)
TPL 9.06 Decreased By ▼ -0.10 (-1.09%)
TPLP 20.24 Increased By ▲ 0.05 (0.25%)
TREET 26.81 Decreased By ▼ -0.29 (-1.07%)
TRG 97.60 Increased By ▲ 0.30 (0.31%)
UNITY 22.85 Increased By ▲ 0.02 (0.09%)
WAVES 13.22 Decreased By ▼ -0.07 (-0.53%)
WTL 1.45 No Change ▼ 0.00 (0%)
BR100 4,335 Decreased By -26.4 (-0.61%)
BR30 15,981 Decreased By -27.6 (-0.17%)
KSE100 43,271 Decreased By -210.9 (-0.48%)
KSE30 16,399 Decreased By -77 (-0.47%)
Markets

UK GAS-Prices fall on oversupply, milder forecasts

  • National Grid data forecast British gas system supply at 360.3 mcm/day and demand at 351.2 mcm/day.
Published December 7, 2020

British wholesale gas prices fell on Monday in an oversupplied market and with forecasts showing a gradual return to normal seasonal temperatures after the current cold snap.

The within-day contract was down 2.00 pence at 40.75 pence per therm by 0915 GMT.

The day-ahead contract was down 1.60 pence at 41.00 p/therm.

"Our view on NBP (National Balancing Point) for today is bearish," analysts at Refinitiv said in their morning comment.

The British system was oversupplied with sendout of liquefied natural gas (LNG) up 21 million cubic metres (mcm) per day and production on the UK continental shelf 6 mcm/day higher, Refinitiv data showed.

National Grid data forecast British gas system supply at 360.3 mcm/day and demand at 351.2 mcm/day.

Local distribution zone (LDZ) demand, which mostly mirrors demand for heating, was forecast 7 mcm/day down for the day-ahead as temperatures were expected to move gradually up to normal this week, Refinitiv's analysts said.

More wind also cut Tuesday's gas for power demand by 12 mcm/day, they added.

Average wind output would rise from 2.2 gigawatt on Monday to 3.4 GW on Tuesday, while average temperatures in Britain were forecast at 2.6 degrees Celsius on Tuesday, rising to 5.3C by the weekend, Refinitiv Eikon data showed.

The weekend contract was down 2.00 pence at 40.50 p/therm.

By next week temperatures may reach double-digits again and there would be more wind, said a trader.

The January gas price at the Dutch TTF hub fell 0.57 euros to 14.00 per megawatt hour.

The benchmark Dec-20 EU carbon contract was down 0.35 euro at 29.76 euros per tonne, after closing at its highest point since Sept. 14 on Friday.

GAS

Comments

Comments are closed.