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UK GAS-Prices rise on cold weather, low wind and firmer fuels markets

Fri, 16th Apr 2021 09:44

April 16 (Reuters) - British wholesale gas prices rose on
Friday, supported by cold weather and low renewables output next
week and strong markets for fuels and emissions.

* The within-day contract was up 0.90 pence at
57.25
p/therm by 0834 GMT.

* The day-ahead gas contract was up 0.25 p at
56.60
p/therm.

* Prices were still very sensitive to weather forecasts,
which
showed some colder temperatures again next week, a trader said.

* Firmer prices for liquefied natural gas, coal and
emissions also
supported the wider gas market, he added.

* "High pressure over the northeastern North Atlantic and
northern
Europe will keep our area under the influence of cold and cloudy
air until the end of the next week," Refinitiv meteorologist
Georg Mueller said.

* "Persistent weak renewable generation and external fuels
are
also risks to the upside as are any extensions to GAEL
maintenance which has happened several times
already," analysts at Refinitiv said.

* Usable wind power output will remain around 3 gigawatts
(GW) for
most of next week, Elexon data showed.

* The June LNG contract for the Japan Korea Marker (JKM)
rose
$0.35 to $8.05 per million British thermal units (mmbtu) on
Wednesday, the trader said.

* The European API 2 coal contract for 2022 was
trading at a year-high of $74.40 per tonne.

* The May gas contract was up 0.95 p at 51.40
p/therm.

* The May gas price at the Dutch TTF hub
contract
rose 0.42 euros to 20.55 euros per megawatt hour.

* The benchmark Dec-21 EU carbon contract hit a
fresh
all-time high of 44.78 euros per tonne on Friday morning, and
last traded up 0.49 euros at 44.65 euros per tonne.
(Reporting by Nora Buli in Oslo; editing by Jason Neely)

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