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UK GAS-Prices mostly rise amid colder temperatures

Wed, 14th Oct 2020 09:19

LONDON, Oct 14 (Reuters) - British wholesale gas prices
mostly rose on Wednesday morning amid lower temperatures which
have raised demand for heating.

* The day-ahead contract was 1.05 pence higher
at
38.05 pence per therm by 0816 GMT.

* The November contract was up by 0.95 pence at
38.45
pence per therm.

* Average temperatures in Britain are below the seasonal
norm at
around 10 degrees Celsius and are expected to remain low until
the end of the month.

* "Temperatures will remain slightly below normal. The
weekend and
early next week will see some drier and partially sunnier days
but temperatures will rise only reluctantly," said Georg Muller,
metereologist at Refinitiv.

* "Stable dry and sunny weather under high pressure
influence is
not likely to emerge before the end of the month," he added.

* The within-day contract fell by 1.50 pence to
38.00
pence per therm.

* On the bearish side, liquefied natual gas send-out has
increased
and power sector demand has fallen due to higher wind generation
and strong nuclear output.

* Peak wind generation is forecast at 8.6 gigawatts (GW),
falling
to 5.8 GW on Thursday, Elexon data showed.

* The system was 14 million cubic metres (mcm)
over-supplied, with
flows forecast at 246 mcm and demand at 232 mcm, National Grid
data showed.

* The November gas price at the Dutch TTF hub
was
0.22 euro higher at 13.74 euros per megawatt hour.

* The benchmark Dec-20 EU carbon contract inched
up by
0.08 euro to 25.30 euros a tonne.
(Reporting by Nina Chestney)

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