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Markets

UK GAS-Prices steady on rising temperature, ongoing French workers strike

  • The UK gas system was almost 29 million cubic metres (mcm) oversupplied with demand forecast at 289 mcm and supply at around 318 mcm, National Grid data showed.
Published December 11, 2020

LONDON: British wholesale gas prices held relatively steady on Friday, as the impact of a continued strike by workers in French nuclear plants was offset by forecasts of a mild temperature in coming days.

The within-day contract was down 0.20 pence at 42.50 pence per therm by 0944 GMT.

The contract for the weekend was down 0.25 pence at 42.50 pence per therm.

Workers at French energy group EDF extended strike action into a second day on Friday over a planned reorganisation of the company, leading to reduced nuclear output.

Nuclear power stands for 75pc of French electricity generation and lower output limits exports and increases the demand for gas-fired power generation across Europe.

However, the overall fundamental picture was bearish, Refinitiv analysts said

"Northwest Europe fundamentals are relatively balanced with warmer temperatures and strong winds speeds limiting gas burn," they said in a note.

Peak wind generation was forecast at 12.9 gigawatts (GW) on Friday and useable output on Monday at 11.7 GW, out of total metered capacity of around 18 GW, Elexon data showed.

Monday was also forecast as the warmest day for the remainder of December, averaging 9.1 degrees Celsius, according to Refinitiv.

The UK gas system was almost 29 million cubic metres (mcm) oversupplied with demand forecast at 289 mcm and supply at around 318 mcm, National Grid data showed.

The day-ahead gas contract at the Dutch TTF hub was down 0.35 euro at 15.23 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was 0.34 euro lower day on day at 30.56 euros a tonne by 0931 GMT.

Earlier, it hit an all-time high of 31.30 euros a tonne, after EU leaders reached a deal on more ambitious emissions cuts this decade.

GAS

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