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UK GAS-Prices rise on colder forecasts for second half of month, lower IUK imports

Thu, 7th Jan 2021 08:52

LONDON, Jan 7 (Reuters) - British wholesale gas price rose
on Thursday morning as forecasts for the second half of the
month showed lower temperatures than previously expected and
imports through the InterconnectorUK dropped.

* The within-day contract was 2.50 pence higher
57.00 pence per therm by 0844 GMT.

* The day-ahead contract was up by 2.40 pence to

* Consumption is forecast higher for today and imports
InterconnectorUK are nominated at 25 million cubic metres (mcm),
down from 47 mcm the previous day, Refinitiv Eikon data showed.

* "Today is likely to be the coldest day in the UK, then
temperatures should start gradually raising. In northwest
Europe, temperatures are expected to continue dropping until the
end of this week," said Refinitiv gas analyst Marina Tsygankova.

* "A colder weather forceast for the second part of January
compared to the previous (one), once again might provide a
bullish risk for prices," she added

* The system was slightly over-supplied by 4 mcm, with
forecast at 387 mcm and supply at 391 mcm/day, National Grid
data showed.

* Gas for power consumption is forecast at 89 mcm/day,
by cold weather, low wind speeds and lower nuclear availability.

* Peak wind generation is forecast at 4.6 gigawatts (GW) on
Thursday and 4.3 GW on Friday, out of total metered capacity of
around 18 GW, Elexon data showed.

* The February UK gas contract was up 2.50
pence at
55.50 p/therm.

* The day-ahead gas price at the Dutch TTF hub
was up
0.72 euro at 18.45 euros per megawatt hour.

* The benchmark Dec-21 EU carbon contract was up
euro at 34.05 euros per tonne.
(Reporting by Nina Chestney)

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