International

UK Gas-Prices down on mild weather and strong wind

British wholesale gas prices fell on Tuesday with higher than average temperatures forecast and strong wind expected to boost power production from turbines, creating an oversupplied system.

* Day-ahead gas fell 0.40 pence to 45.50 p/therm at 0819 GMT

* The March contract fell 0.10 pence to 45.70 p/therm.

* Wholesale prices fell on Tuesday due to mild weather and expected strong power production from wind turbines, a British gas trader said.

* Average daily temperatures in Britain are expected to be 6.3 degrees Celsius on Tuesday and are forecast to rise to 8.1 C on Wednesday.

* Peak wind power generation is forecast at 8.8 gigawatts (GW) on Tuesday and will rise to almost 10.3 GW on Wednesday, National Grid data shows.

* Strong production from wind turbines typically reduces demand for electricity produced in gas-fired power stations.

* The system was oversupplied. Demand in Britain was forecast at 265.2 million cubic metres (mcm) per day and flows at 274.5 mcm/day, National Grid data showed.

* Britain expects one liquefied natural gas (LNG) vessel on February 27.

* Norwegian gas flows to Britain fell slightly to 104 mcm/day from 107 mcm/day on Friday.

* The benchmark Dec-19 EU carbon contract rose by 0.08 euro to 20.09 euros per tonne.

https://www.hellenicshippingnews.com/uk-gas-prices-down-on-mild-weather-and-strong-wind/