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UK GAS-Prices rise on colder weather outlook for next week

Tue, 13th Feb 2018 10:20

Feb 13 (Reuters) - British wholesale gas prices rose on Tuesday morning on expectations of colder temperatures next week.

* Day-ahead gas was 1.20 pence higher at 52.00 pence per therm at 1012 GMT

* Within-day gas up 1.25 pence at 51.85 pence per therm

* Weather forecasts show colder temperatures for next week, which should drive up heating demand.

* "The latest (models) both for the UK and the Continent is colder, with consumption now expected to remain above normal up until the end of March and considerably above normal for the first half of March," said Thomson Reuters gas analyst Dimitrios Saratzis

* Dspite that, the gas system is oversupplied, with very healthy domestic production

* Supply is forecast at 365 million cubic metres (mcm) and demand at 343 mcm, meaning the system is oversupplied by 22 mcm, National Grid data shows

* Peak wind generation is also high at over 10 gigawatts.

* In the Dutch gas market, the day-ahead gas price at the TTF hub was up 0.45 euro at 18.50 euros per megawatt hour

* The benchmark Dec-18 EUA carbon contract was 1.90 euro higher at 9.66 euros a tonne, levels last seen in 2011

* Thomson Reuters analyst view: (Reporting by Nina Chestney)

(c) Copyright Thomson Reuters 2018. Click For Restrictions -

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