OSLO: National Grid on Friday withdrew a gas supply warning issued a day earlier saying that new supply was reaching the market as Britain grapples with its coldest winter weather in years.
"The market has continued to respond over the last 24 hours and we have seen an increase of supplies into the network," it said in an emailed statement.
The grid continued to expect high gas demand due to the continuing cold weather, it added. Britain's gas system was undersupplied by 4.4 million cubic metres (mcm), with demand forecast at 394.0 mcm and supply at 389.6 mcm/day, National Grid data showed.
Following the withdrawal of the gas supply warning, British prompt gas prices fell.
Prices, which have soared this week, were down 10 percent to 225 pence per therm at 0822 GMT. Day-ahead gas traded at 100 pence per therm, down 56.5 percent from Thursday.
On Thursday prices were also supported by outages which disrupted flows from Norway and the North Sea.
Southern Britain could see average temperatures of 0 degrees Celsius on Friday but are forecast to rise to 5 degrees on Saturday and as much as 9 degrees on Monday, data from Britain's Met Office showed.
Comments
Comments are closed for this article.