April 26, 2018 / 8:36 AM / 10 months ago

UK GAS-Prices rise on colder weather forecast, dipping wind output

LONDON, April 26 (Reuters) - British wholesale gas prices edged up on Thursday morning as cooler weather and lower wind production forecasts were set to boost demand for gas-fired electricity generation.

* Day-ahead gas price up 0.40 pence at 52.10 p/therm at 0830 GMT

* Within-day contract up 0.20 p at 51.50 p/therm

* Higher forecasts for gas consumption on Friday is driving up prices but a rebound in flows into the St Fergus Mobil terminal following an outage on Wednesday has tempered gains, traders said

* Average UK temperatures on Friday are forecast up to 1.5 degree Celsius less than previously expected at around 8 degrees, according to weather data on Reuters Eikon

* Gas-fired power demand should rise to 56 mcm/day on Friday from 46 mcm/day expected on Thursday, Thomson Reuters analysts said

* Despite this, Britain’s gas network was oversupplied by 17.5 million cubic metres/day (mcm) with daily demand pegged at 190.3 mcm/day and supplies at 207.8 mcm/day, National Grid data

* Flows from the South Hook liquefied natural gas (LNG) terminal rose to 7 mcm/day from this month’s average rate of 5 mcm/day following receipt of a fresh cargo on Thursday

* Further along the curve, the May contract edged up by 0.05 pence to 51.50 p/therm

* Winter 2018 contract up 0.29 p at 57.30 p/therm

* Day-ahead gas price at the Dutch TTF hub up 0.12 euro at 20 euros per megawatt-hour

* In the British power market, the baseload day-ahead contract rose by 12.2 percent to 55.95 pounds per megawatt hour, reflecting lower wind production forecasts

* Benchmark Dec-18 EU carbon contract up 0.08 euro at 13.34 euros per tonnes (Reporting by Oleg Vukmanovic; editing by Nina Chestney)

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