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Markets

UK GAS-Prices fall as high wind power output, milder weather curb demand

British wholesale gas prices fell on Monday morning as strong output from the country's wind farms and forecasts fo
07 Oct 2019
  • British wholesale gas prices fell on Monday morning as strong output from the country's wind farms and forecasts for milder temperatures curbed demand for gas.
  • Britain's gas system was oversupplied by 10 million cubic metres (mcm), with demand forecast at 187.6 mcm and flows at 197.6 mcm/day, National Grid data showed.

LONDON: British wholesale gas prices fell on Monday morning as strong output from the country's wind farms and forecasts for milder temperatures curbed demand for gas.

The within-day contract was down 3.50 pence at 24.50 p/therm by 0810 GMT.

The day-ahead contract was down 3.50 pence at 24.25 p/therm.

"There's oversupply and warmer temperatures pushing (prices) lower," a gas trader said.

Britain's gas system was oversupplied by 10 million cubic metres (mcm), with demand forecast at 187.6 mcm and flows at 197.6 mcm/day, National Grid data showed.

Peak wind power generation is forecast at 10.3 gigawatts (GW) on Monday, rising to 12.4 GW on Tuesday, Elexon data showed.

Average temperatures across Britain are expected at 11.8 degrees Celsius on Monday and 12.3 degrees on Tuesday, according to Refinitiv Eikon data.

"A change to colder-than-normal weather is not likely before about October 20," Refinitiv meteorologist George Muller said in a research note on Monday.