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U.K. Same-Day Gas Falls on Ample Supply; Day-Ahead Power Drops

May 19 (Bloomberg) -- U.K. natural gas for today declined as Scottish & Southern Energy Plc’s Aldbrough storage site pumped the fuel and the network manager forecast ample supply.

Gas inventories in onshore underground storage sites including Aldbrough rose to 6,662 gigawatt-hours on May 4, the most for the time of year since at least 2004, data on Bloomberg show. The site was pumping at a rate of about 18 million cubic meters a day as of 4 p.m. in London, flow data show.

Same-day gas fell 0.65 pence, or 1.1 percent, to 57.65 pence a therm as of 4:30 p.m., according to broker prices compiled by Bloomberg. That’s the lowest in two days and equal to $9.32 a million British thermal units. A therm is 100,000 Btu. Gas for tomorrow was at 57.85 pence at the same time.

“Much of England, Wales and eastern Scotland will have a generally dry day with sunny spells,” the U.K.’s Met Office said on its website. Milder weather may cut heating demand.

National Grid forecast gas demand at 251 million cubic meters in the 24 hours through 6 a.m. tomorrow. That’s below normal for the time of year. Pipelines in the country will contain 341 million cubic meters of gas at that time, 3 million more than at the start of today.

U.K. baseload power for tomorrow dropped 25 pence to 50.15 pounds a megawatt-hour, broker data on Bloomberg show. Baseload is delivered around the clock.

Winter gas, to be delivered in the six months from October, gained 0.5 pence to 69.6 pence a therm. Electricity for winter gained 45 pence to 58 pounds a megawatt-hour.

To contact the reporter on this story: Ben Farey in London at bfarey@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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