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UK GAS-Prices hit fresh two-year highs on cold, LNG

Mon, 11th Jan 2021 09:28

Jan 11 (Reuters) - British wholesale gas prices on Monday
morning rose to their highest levels since December 2018, buoyed
by forecasts of cold weather and competition to attract
shipments of liquefied natural gas (LNG).

* The within-day contract was 2.15 pence higher
at 64
pence per therm by 0915 GMT, a fresh two-year high.

* The day-ahead contract was 1.85 pence higher
at
64.10 p/therm.

* Rising gas-for-power demand and a drop in LNG sendout
supported
day-ahead prices, Refinitiv's analysts said.

* No new LNG cargoes arrivals are declared for Britain after
today.

* They forecast British gas-for-power demand to rise 26
mcm/day to
67 mcm/day on Tuesday, offsetting a drop in demand for heating
as temperatures briefly returned to normal levels.

* Peak wind generation is forecast at 12.6 gigawatts (GW) on
Monday and 10.4 GW on Tuesday, out of total metered capacity of
around 18 GW, Elexon data showed.

* Prices would also continue to track firm Asian LNG prices,
which
reached a record high last week, market observers
said.

* To incentivise shipment of U.S. LNG to North West Europe
in
February, prices on Dutch gas hub TTF needed to rise toward 30
euros per megawatt hour, Refinitiv's analyst said.

* The British February contract rose 2.55 pence
to 64
p/therm, a two-year high.

* The TTF February price briefly touched 22
euros per
megawatt hours, its highest point since January 2019, and last
traded at 21.28 euros per megawatt hour, still up 0.68 euros.

* Further upside was limited by fresh spikes in COVID-19
cases
that might curb demand and as some weather forecast models on
Monday showed a less cold outlook, a trader said.

* The benchmark Dec-21 EU carbon contract briefly
revisted Friday's all-time high of 35.20 euros a tonne but last
traded down 0.34 euros at 34.58 euros per tonne.
(Reporting by Nora Buli in Oslo; Editing by Kirsten Donovan)

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