UK GAS-Prices rise on gas-for-power demand, weaker imports

LONDON, May 10 (Reuters) - British wholesale gas prices rose
on Monday morning due to increased demand from power plants and
lower imports.

* The day-ahead contract was 2.00 pence higher
at
64.00 pence per therm by 0907 GMT.

* The July contract was 2.05 pence higher at
61.75
p/therm.

* UK day-ahead prices fell by nearly 10% on Friday after
being
over-bought.

* "After such a bearish day last Friday, we may see a slight
retrace today, with local distribution zone and gas-for-power
consumption increases on the day-ahead," said Refinitiv gas
analyst Wayne Bryan.

* Weaker imports from Norway, the IUK and BBL pipelines and
less
liquefied natural gas tankers due to arrive might also offer
support, he added.

* Temperatures are expected to fall after today to below the
seasonal norm.

* Gas-for-power demand is forecast to rise as wind output
decreases after Monday. Peak wind generation is forecast at 10.8
gigawatts (GW) on Monday and 9.1 GW on Tuesday, Elexon data
showed.

* The UK system was over-supplied by around 7 million cubic
metres
(mcm), with demand forecast at 170 mcm and supply at 177
mcm/day, National Grid data showed.

* The June gas price at the Dutch TTF hub was
up by
0.77 euro at 25.02 euros per megawatt hour.

* "The market has been on a bullish trend recently...based
on the
low levels of gas in storage and below-average Russian supply,"
said consultancy Energy Aspects.

* "Cold weather has been stymying the start of Europe’s
summer
injection campaign and is forecast to persist well into May," it
added.

* The benchmark Dec-21 EU carbon contract rose to
a new
all-time high of 52.05 euros a tonne.
(Reporting by Nina Chestney)

National Grid