July 30, 2018 / 9:08 AM / 3 months ago

UK GAS-Prices mixed on outages, lower gas-for-power demand

LONDON, July 30 (Reuters) - British prompt wholesale gas prices were mixed on Monday morning amid outages and lower gas-for-power demand.

* Day-ahead gas fell by 0.15 pence to 57.15 pence per therm at 0837 GMT.

* Within-day contract inched up by 0.10 pence to 57.60 p/therm.

* The market is reacting to mixed price signals, traders said.

* Higher wind output has lowered gas-to-power demand, dragging the day-ahead price lower, but several upcoming outages and unplanned ones were bullish for the within-day contract, a gas trader said.

* There is an unplanned outage until tomorrow at the Cygnus field and the Perenco Bacton terminal.

* A 12-hour strike at Total’s offshore oil and gas platforms in the North Sea is also due to start at 1100 GMT, according to Unite.

* UK Continental Shelf production is forecast at 82 mcm/d, according to Thomson Reuters Eikon data.

* However, this should fall to around 50 mcm/day from Aug. 3 due to maintenance at the Forties pipeline system, SAGE mid-stream pipeline and Bacton terminal, Thomson Reuters analysts said.

* Planned maintenance at the Bacton SEAL terminal has been brought forward to July 30 from Aug. 3.

* Despite that, the system is oversupplied by 7 million cubic metres (mcm), with demand forecast at 156 mcm and flows at nearly 163 mcm/day, National Grid data shows.

* Stronger wind output has lowered gas-for power demand.

* Peak wind generation is forecast at 7 gigawatts (GW) on Monday and almost 6.2 GW on Tuesday, Elexon data shows.

* In the Dutch gas market, the day-ahead price at the TTF hub was down 0.17 euro at 21.98 euros per megawatt hour.

* The benchmark Dec-18 EU carbon contract was 0.16 euro lower at 16.96 euros a tonne. (Reporting by Nina Chestney, editing by Louise Heavens)

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