LONDON Dec 29 British wholesale gas prices rose
on Thursday morning on lower domestic supply and as cold weather
continued to boost demand.
Gas for immediate delivery was up 0.15 pence at
51.40 pence per therm at 0932 GMT, while day-ahead gas
was 0.60 pence higher at 51.25 p/therm.
"Cold weather continues to boost demand for gas. There could
also be some buying ahead of the long weekend for New Year," a
gas trader said, referring to Jan. 2 being a public holiday in
National Grid data shows demand is forecast to be 35 mcm
above the seasonal norm at around 312 million cubic metres
UK Continental Shelf supply is 12 mcm lower at 159 mcm due
to outages at the Shell St Fergus terminal, Engie's Cygnus
offshore facilities, North Morecambe gas sub-terminal and
Perenco Bacton terminal.
Despite the lower UKCS flows, Britain's gas system was
around 4 mcm oversupplied with flows at 316 mcm/day, National
Grid's website shows.
Flows from Norway through the Langeled pipeline are at 74
mcm, while supply via the BBL pipeline from the Netherlands has
risen to 20 mcm, from as low as 5 mcm so far this week.
Imports through the InterconnectorUK are also strong at 33
In the European Union's carbon market, the benchmark Dec-17
carbon contract was 0.03 euro lower at 6.31 euros a
In the Netherlands, the day-ahead gas price at the TTF
hub was 0.47 euro higher at 19.25 euros per megawatt
(Reporting by Nina Chestney)