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U.K. Natural Gas Advances on Forecast for Above-Usual Demand

Dec. 18 (Bloomberg) -- U.K. natural gas for same-day delivery rose for the first time in four days as the network manager forecast demand for the heating fuel would be above normal levels.

Within-day gas gained as much as 1 percent, according to broker data compiled by Bloomberg. Demand in the 24 hours to 6 a.m. tomorrow will be 304 million cubic meters versus a seasonal normal of 297 million, National Grid Plc data show.

Gas for today climbed 0.65 pence, or 1 percent, to 66 pence a therm at 5:20 p.m. London time. Month-ahead gas advanced 0.7 percent to 66.96 pence a therm. That’s equivalent to $10.89 per million British thermal units and compares with $3.41 per million Btu of front-month U.S. gas.

Gas accounted for 37 percent of U.K. power production at 5:15 p.m., grid data show. Coal generated 39 percent, nuclear 14 percent and wind 0.8 percent.

Electricity for the next working day fell 3.5 percent to 49 pounds a megawatt-hour, erasing most of yesterday’s advance, broker data show.

To contact the reporter on this story: Rob Verdonck in London at rverdonck@bloomberg.net

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

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