U.K. Gas Stable as Flows Rise to Meet Increased Heating Demand
U.K. natural gas for tomorrow was little changed for a second day as the highest flows in almost two weeks offset increased demand amid freezing weather.
The low temperature in London today was zero degrees Celsius (32 Fahrenheit) compared with a 10-year average of 2 degrees, CustomWeather Inc. data on Bloomberg show. Total system flows were as high as 367 million cubic meters a day, the most since Jan. 26, National Grid Plc data show.
Gas for tomorrow rose 0.1 percent to 67.75 pence a therm at 9:46 a.m. London time, according to broker data compiled by Bloomberg. The next-month contract gained 0.2 percent to 66.2 pence a therm. That’s equivalent to $10.37 per million British thermal units and compares with $3.43 per million Btu of front- month U.S. gas.
Demand in the 24 hours to 6 a.m. tomorrow will be 343 million cubic meters, the most since Jan. 25, National Grid data show. The delivery network will contain 340 million cubic meters at the end of the period, down from 352 million at the beginning, grid data show.
Flows from Norway, the U.K.’s biggest source of imported gas, were at a rate of 118 million cubic meters a day, up from a 10-day average of 110 million, Gassco AS data show. Dutch imports were at 35 million cubic meters a day, equal to the most since Jan. 25, grid data show.
Norwegian gas output was reduced by 6.7 million cubic meters today for one day, Statoil ASA said on its website.
Gas accounted for 32 percent of U.K. power production at 9 a.m., grid data show. Coal generated 42 percent, nuclear 16 percent and wind 3.4 percent.
Electricity for tomorrow dropped 4.3 percent to 50.95 pounds a megawatt-hour, broker data show.
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