U.K. Natural Gas for Today Declines as Temperatures Increase
U.K. natural gas for same-day delivery fell for a third day as warmer weather cut demand for the heating fuel.
Within-day gas dropped 1.1 percent, according to broker data compiled by Bloomberg. The low temperature in London was 8 degrees Celsius (46 Fahrenheit) today, compared with a a 10-year average of 3 degrees, CustomWeather Inc. data show. Demand in the 24 hours to 6 a.m. tomorrow will be 280 million cubic meters, the least since Jan. 9, National Grid Plc (NG/) data show.
Gas for today slid 0.7 pence to 64.8 pence a therm at 3:42 p.m. London time. Month-ahead gas fell 0.2 percent to 66.2 pence a therm. That’s equivalent to $10.45 per million British thermal units and compares with $3.29 per million Btu of front-month U.S. gas.
System flows were at a rate of 296 million cubic meters a day versus a 10-day average of 346 million, grid data show.
Flows from Norway, the U.K.’s biggest source of imported gas, were at a rate of 111 million cubic meters a day, above the 10-day average of 105 million, Gassco AS data show. Pipeline imports from Belgium were at a rate of 6.7 million cubic meters a day after falling to 5.3 million yesterday, the least since Jan. 8, Interconnector Ltd. data show.
Gas accounted for 19 percent of U.K. power production at 3:40 p.m., grid data show. Coal generated 44 percent, nuclear 19 percent, and wind 10 percent.
Day-ahead electricity jumped 5.9 percent to 45.65 pounds a megawatt-hour, headed for the biggest one-day gain since Jan. 14, broker data show.
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