U.K. Natural Gas Snaps Five-Day Gain as Norwegian Imports Rise

U.K. natural gas for next-day delivery declined, snapping a five-day advance, as imports from Norway and Belgium increased. Electricity for the next working day also dropped.

The gas contract fell as much as 1 percent, according to broker data compiled by Bloomberg. Flows from Norway were as high as 100 million cubic meters a day, the most since Nov. 10, Gassco AS data show. Belgian imports were at a rate of 22 million cubic meters a day, a five-day high, according to data from pipeline operator Interconnector U.K. Ltd.

Day-ahead gas slid 0.35 pence, or 0.5 percent, to 65.8 pence a therm at 4:27 p.m. London time after reaching 66.7 pence yesterday, the most since October. Month-ahead gas climbed 0.3 percent to 67.55 pence a therm. That’s equivalent to $10.70 per million British thermal units and compares with $3.77 per million Btu of front-month U.S. gas.

The delivery system will contain 347 million cubic meters of gas at 6 a.m. tomorrow, up from 341 million at the start of today, National Grid Plc (NG/) data show.

Gas accounted for 36 percent of U.K. power production at 4:20 p.m., grid data show. Coal generated 41 percent, nuclear 13 percent and wind 1.6 percent.

Electricity for the next working day fell 3.8 percent to 47.85 pounds a megawatt-hour. Month-ahead power rose 0.5 percent to 50 pounds a megawatt-hour.

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

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.