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UK GAS-Prices edge higher with wind power output set to dip

Wed, 29th Jul 2020 10:29

LONDON, July 29 (Reuters) - British wholesale gas prices
rose on Wednesday morning in a balanced market, with wind power
expected to dip on Thursday.

* The within-day contract was up 0.40 pence at
13.45
p/ therm by 0916 GMT.

* The day-ahead contract was up 0.25 p at 13.25
p/therm.

* Traders said a drop in forecasts for wind power had led to
expectations of higher demand for gas from gas-for-power
stations, lifting prices.

* Peak wind power generation is forecast at 9.7 gigawatts
(GW) on
Wednesday, falling to 5.6 GW on Thursday, Elexon data showed.

* Gas-for-power demand was forecast at 45 million cubic
metres
(mcm) on Wednesday, up 19 mcm compared with the previous
forecast, and at 43 mcm for Thursday, Refinitiv Eikon data
showed.

* Britain’s gas system was almost balanced, with demand
forecast
at 155 mcm and flows at 153 mcm/day, National Grid data showed.

* “Langeled is nominated higher today and other fundamentals
remain balanced,” analysts at Refintiv said in a daily research
note.

* Supply from Norway through the Langeled pipeline rose by 8
mcm
compared with the previous day, with flows at 22 mcm/day.

* The August contract was up 0.51 p at 13.70
p/therm.

* The day-ahead gas price at the Dutch TTF hub
was up
0.22 euro at 4.90 euros per megawatt hour.

* The benchmark Dec-20 EU carbon contract was up
0.47 at
euro at 26.21 euros per tonne.
(Reporting By Susanna Twidale; editing by Nina Chestney)

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