UK GAS-Prices up on colder weather, wind forecasts

British wholesale gas prices rose on Monday as forecasts show colder temperatures and lower wind generation from tomorrow and supply from Norway is reduced.

* Within-day gas was up 2.80 pence at 66.20 pence per therm at 1021 GMT

* Day-ahead gas was 2.30 pence higher at 66.60 p/therm, and gas for working days next week up 4.00 pence at 68.00 p/therm

* Prompt prices are higher due to some Norwegian outages reducing supply, colder weather and lower wind output forecast from tomorrow, a gas trader said

* Flows through the Langeled pipeline from Norway are at 47 million cubic metres/day (mcm), down from 56 mcm/day on Friday, due to outages at the Troll field and Kollsnes gas processing plant

* On the demand side, average temperatures in Britain are forecast to fall to 3.8 degrees Celsius on Tuesday from 9 today, which will increase demand for heating, Refinitiv Eikon data shows

* Peak wind generation is forecast at almost 7.9 gigawatts (GW) today but is forecast to fall to 3.3 GW on Tuesday, Elexon data shows, which should increase gas demand from power plants

* Despite this, the system is almost balanced, with demand forecast at 263 mcm and flows at 262 mcm/day, National Grid data shows

* Supply from liquefied natural gas is also healthy this week with four tankers due to arrive this week

* Day-ahead Dutch gas at the TTF hub up 0.60 euro at 24.75 euros per megawatt hour

* The benchmark Dec-18 EU carbon contract edged up 0.10 euro at 20.60 euros a tonne

https://www.hellenicshippingnews.com/uk-gas-prices-up-on-colder-weather-wind-forecasts/