May 25 (Reuters) - British wholesale gas prices gained
ground on Tuesday morning as a firmer carbon market, higher
demand from power plants and competition with Asia for liquefied
natural gas (LNG) shipments lent support.
* The day-ahead contract rose by 1.70 pence to
65
pence per therm by 0900 GMT.
* The British June contract gained 1.15 pence
to
63.60 p/therm.
* For the day-ahead, the outlook was bullish due to lower
Langeled
flows from tomorrow as maintenance at the pipeline's Germans
entry point in Dornum ends and lower wind output lifts demand
from the power sector, Refinitiv analysts said.
* Gas-for-power demand for Wednesday was adjusted 8 million
cubic
metres (mcm) higher from previous forecasts to 56 mcm/day.
* Peak wind generation is forecast at 8.1 gigawatts (GW) on
Tuesday, falling to 4.2 GW on Wednesday, out of total metered
capacity of nearly 20 GW, Elexon data showed.
* A firmer outlook for carbon also supported gas prices,
Refinitiv
said, while another analyst also highlighted competition with
Asia for liquefied natural gas as another bullish factor.
* A scheduled auction for gas deliveries into Ukraine from
Russia
later today will also be closely watched, although Refinitiv did
not expect any volumes to be booked.
* The within-day contract was flat at 64.50
p/therm.
* An over-supplied system and increased flows from Norway
via the
Langeled pipeline today weighed on the within-day contract, said
analysts at Refinitiv.
* Flows through the Langeled increased by 7 mcm to 70
mcm/day.
* The British system was 13 mcm over-supplied, with demand
forecast at 177 mcm and supply at 190 mcm/day, National Grid
data showed.
* The June gas price at the Dutch TTF hub was
0.86
euro higher at 25.50 euros per megawatt hour.
* The benchmark Dec-21 EU carbon contract was 0.81
euro
higher at 53.58 euros a tonne.
* The UK market equivalent had yet to trade.
(Reporting by Nora Buli in OSLO; editing by Nina Chestney)