U.K. Natural Gas Falls as Norwegian, Dutch Imports Rise
U.K. natural gas for same-day delivery fell as Norwegian flows increased to a nine-month high and imports from the Netherlands rose, leaving the delivery network with excess fuel.
The within-day contract slid as much as 0.9 percent, broker data compiled by Bloomberg show. Norwegian flows were at a rate of 132 million cubic meters a day, the most since Bloomberg started compiling the Gassco AS data in January. Dutch imports through BBL Co.’s pipeline rose to a rate of 39 million cubic meters a day, the most since April 14, according to National Grid Plc (NG/) data.
Gas for today dropped 0.7 percent, or 0.5 pence, to 68.4 pence a therm at 4:04 p.m. London time. Month-ahead gas was little changed at 69.4 pence a therm. That’s equivalent to $11.18 per million British thermal units and compares with $3.56 per million Btu of front-month U.S. gas.
The gas-transport system will contain 350 million cubic meters at 6 a.m. tomorrow, up from 346 million at the start of today, grid data show.
Day-ahead gas rose 0.5 percent to 68.95 pence a therm on predictions for freezing weather tomorrow that may boost demand for the heating fuel.
Low temperatures in London will be minus 1 degree Celsius (30 Fahrenheit) tomorrow and minus 3 degrees on Dec. 6, compared with a 10-year average of 5 degrees, according to CustomWeather Inc. data on Bloomberg. Demand in the 24 hours to 6 a.m. tomorrow will probably be 328 million cubic meters versus a seasonal norm of 285 million, grid data show.
Flows through the Theddlethorpe receiving terminal on the east coast of England remained at zero since an unplanned outage at 9 a.m. on Dec. 1, grid data show.
Gas accounted for 32 percent of U.K. power production at 4 p.m., grid data show. Coal generated 44 percent, nuclear 16 percent and wind 3.1 percent.
Electricity for tomorrow jumped 5.6 percent to 51.75 pounds a megawatt-hour, broker data show.
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