UK GAS-Prices fall on oversupply, higher imports

Credit: REUTERS/Stefan Wermuth

LONDON, April 23 (Reuters) - British wholesale gas prices fell on Friday morning as higher imports from Norway, amid weaker demand, left the system oversupplied.

The within-day contract TRGBNBPWKD was down 2.10 pence at 55.00 p/therm by 0939 GMT.

The day-ahead contract TRGBNBPD1 was down 0.70 p at 55.80 p/therm.

Traders said demand for gas from power stations had dipped, with nuclear plants returning from outages and solar power generation expected to be high.

Two nuclear reactors also came back online on Friday following outages, adding more than 1 gigawatt (GW) of nuclear capacity.

Britain’s National Grid Electricity Systems Operator (ESO) said it expects solar power generation could near record peak levels on Friday.

"Our (control room) is forecasting very high solar generation today (around midday) and over the next few days," National Grid ESO said on Twitter.

Britain’s current peak solar record is 9.7 GW last April, it said.

Britain’s gas system was oversupplied, with demand forecast at 206.1 million cubic metres (mcm) and flows at 235.6 mcm/day, National Grid data showed.

Imports to Britain from Norway through the Langeled pipeline were forecast at 66 mcm on Friday, up 7 mcm from the previous day, Refinitiv Eikon data showed.

The May TRGBNBPMK1 contract was down 1.35 p at 52.30 p/therm.

The day-ahead gas price at the Dutch TTF hub TRNLTTFD1 was down 0.83 euro at 20.90 per megawatt hour.

The benchmark Dec-21 EU carbon contract CFI2Zc1 was down 0.33 euro at 46.76 euros per tonne.

(Reporting By Susanna Twidale; Editing by Nina Chestney)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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