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UK GAS-Prompt prices slip in balanced market, temperatures set to dip

Wed, 12th Aug 2020 10:36

LONDON, Aug 12 (Reuters) - Prompt British wholesale gas
prices slipped on Wednesday in a balanced market and with
temperatures poised to dip from recent highs, curbing power
demand for cooling.

* The day-ahead contract was down 0.55 pence at
19.20
p/therm by 0915 GMT.

* The within-day contract was down 0.30 pence
at
19.25 p/therm.

* Traders said with supply and demand balanced the market
was
taking signals from an expected drop in gas demand from power
stations with temperatures forecast to fall from recent highs
over the coming days.

* Britain’s gas system was balanced with demand forecast at
147.4
million cubic metres (mcm)/day and flows at 147.6 mcm/day,
National Grid data showed.

* Gas demand for power was forecast at 58 mcm on Wednesday,
falling to 54 mcm on Thursday, analysts at Refinitiv said in a
daily research note.

* The forecasts were 2 mcm and 5 mcm lower respectively than
previous estimates.

* “The hot weather which has dominated the UK (in the) last
days
should start gradually turning towards cooler from tomorrow and
temperatures are expected to dip slightly below seasonal normal
by the end of 15 days forecast horizon,” the Refinitiv analysts
said in a daily research note.

* The September contract was down 0.40p at
20.85p/therm.

* The day-ahead gas price at the Dutch TTF hub
was
down 0.12 euro at 6.70 euros per megawatt hour.

* The benchmark Dec-20 EU carbon contract was down
0.47
at euro at 25.72 euros per tonne.
(Reporting By Susanna Twidale; editing by Emelia
Sithole-Matarise)

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