BLBG:U.K. Natural Gas Steady as Higher Flows Meet Colder Weather
U.K. natural gas for within-day delivery was little changed as colder-than-average weather was met by the highest supply flows in almost a week.
Next-day gas was unchanged and month-ahead prices rose 0.1 percent, according to data compiled by Bloomberg. U.K. temperatures will average 2.4 degrees for the rest of the day compared with a seasonal normal of 5.7 degrees, MetraWeather data using the ECMWF model show. System flows were as high as 365 million cubic meters a day, the most since Feb. 14, National Grid Plc data show.
Gas for today was 67.2 pence a therm at 9:30 a.m. London time. Next-month gas rose 0.1 percent to 66.1 pence a therm. That’s equivalent to $10.15 per million British thermal units and compares with $3.29 per million Btu of front-month U.S. gas.
Demand in the 24 hours to 6 a.m. tomorrow will be 333 million cubic meters, the most since Feb, 13 and above the seasonal normal of 308 million, National Grid data show.
Flows from Norway, the U.K.’s biggest source of imported gas, were at 116 million cubic meters a day compared with a 10- day average of 112 million, Gassco AS data show. Belgian imports were at 13 million cubic meters a day
Gas accounted for 31 percent of U.K. power production at 9:25 a.m., grid data show. Coal generated 42 percent, nuclear 17 percent and wind 5.8 percent.
Wind power output will peak at 2,630 megawatts tomorrow after reaching 3,221 megawatts today, according to Bloomberg calculations. It touched a record 5,082 megawatts Feb. 3, grid data show.
Electricity for tomorrow added 0.9 percent to 50.95 pounds a megawatt-hour, broker data show.
To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net
To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net
