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Markets

UK GAS-Prices rebound from record lows as Yamal-Europe flows halt

The within-day gas price was up 3.7 pence at 11.40 p/therm by 0921 GMT. The day-ahead contract was up 1.70 pen
26 May 2020
  • The within-day gas price was up 3.7 pence at 11.40 p/therm by 0921 GMT.
  • The day-ahead contract was up 1.70 pence at 11.00 p/therm.
  • The day-ahead gas price at the Dutch TTF hub was up 0.27 euro at 4.30 euros per megawatt hour.

LONDON: Prompt British wholesale gas prices soared on Tuesday morning, rebounding from record lows last week as demand picked up and on reports of a halt in gas flows from Russia through the Yamal-Europe pipeline which crosses Poland.

The within-day gas price was up 3.7 pence at 11.40 p/therm by 0921 GMT.

The day-ahead contract was up 1.70 pence at 11.00 p/therm.

Russian natural gas transit via the Yamal-Europe pipeline, which crosses Poland, halted on Tuesday after almost stopping on Monday following the expiration of a gas transit deal earlier in the month, Interfax news agency reported citing German pipeline operator Gascade.

"The (UK) market was shut yesterday so people have come in this morning and are playing catch up," a gas trader said.

"After last week's sell off a rebound isn't a surprise," he said.

Following the expiration of the deal, capacity through the pipeline is being sold via auction, Poland's gas grid operator Gaz-System said.

Analysts said the flows would likely return when capacity is booked.

British gas prices hit record lows on Friday as the weekend bank holiday period exacerbated already weak demand amid warm temperatures and high renewable power output.

Further out on the curve prices also rose on Tuesday.

The June contract was up 1.50 p at 11.25 p/therm.

The Winter 2020 contract was up 1.11 p at 31.35 p/therm.

The day-ahead gas price at the Dutch TTF hub was up 0.27 euro at 4.30 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was down 0.04 euro at 21.55 euros per tonne.