LONDON, Aug 10 (Reuters) - British wholesale gas prices rose
on Monday as weak wind output and demand for air conditioning
amid hot weather boosted gas-for-power generation.
* The day-ahead contract was up by 1.50 pence at
21.00
pence per therm by 0905 GMT.
* Within-day contract rose by 0.85 p to 20.85
p/therm.
* After prompt contracts rose to an over four-month high
last
week, supported by gas prices in continental Europe, stronger
U.S. Henry Hub prices and increased gas-for-power demand, prices
continued to climb on Monday.
* "Gas-for-power consumption, which increased by the end of
the
last week, should remain firm supported by low wind generation
and hot temperatures," Refinitiv analysts said in a morning
note.
* Peak wind generation was forecast at 4.9 gigawatt (GW) on
Monday
and 4.4 GW on Tuesday out of 18 GW total metered capacity,
Elexon data showed.
* Gas-for-power demand was forecast at 55 million cubic
metres
(mcm) on Monday, 4 mcm up compared to Friday, and set to rise to
59 mcm on Tuesday, Refinitiv data showed.
* UK gas system was 10.3 mcm oversupplied, however, with
demand
forecast at 148.6 mcm and supply at 158.9 mcm, National Grid
data showed.
* The ovresupply was due to an increase in flows from Norway
and a
drop in exports of gas from Britain to Belgium.
* Howeverm a number of scheduled Norwegian outages are
expected to
reduce flows from later this week.
* On the curve, prices also rose.
* The fourth quarter 2020 contract was 0.65 p
up at
31.25 p/therm.
* The day-ahead gas price at the Dutch TTF hub
was up
0.35 euro at 7.35 euros per megawatt hour.
* The benchmark Dec-20 EU carbon contract was up
0.65 at
euro at 27.07 euros per tonne.
(Reporting by Ekaterina Kravtsova; editing by Nina Chestney)