U.K. Gas for Today Snaps Seven-Day Gain as Demand Slumps

U.K. natural gas for delivery today declined for the first time in eight days as forecast demand fell to the lowest in 11 months.

Within-day gas dropped as much as 2.3 percent, according to broker data compiled by Bloomberg. Demand in the 24 hours to 6 a.m. tomorrow will be 155 million cubic meters, the least since September 2011, National Grid Plc (NG/) data show.

Same-day gas fell 1.1 pence, or 2 percent, to 54.7 pence a therm at 8:21 a.m. London time. September gas fell 0.8 percent to 55.8 pence a therm. That’s equivalent to $8.74 per million British thermal units, and compares with $2.81 per million Btu of front-month U.S. gas.

Gassco AS changed its planned maintenance schedule at the Kollsnes natural gas-export plant in Norway, according to a statement on its website.

Kollsnes will reduce exports by 25 million cubic meters a day from Aug. 15 to Aug. 26 and by 45 million cubic meters a day from Aug. 26 to Sept. 10. The company previously said flows would be cut by 45 million cubic meters a day from Aug. 10 to Sept. 10.

Norway is the biggest overseas gas supplier to the U.K..

To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

To contact the editor responsible for this story: Matthew Brown at mbrown42@bloomberg.net

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