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U.K. Natural Gas Is Little Changed as Trading Volumes Decline

Dec. 19 (Bloomberg) -- U.K. natural gas prices were little changed as trading volumes declined and the network manager forecast a balanced system.

Next-month gas rose 0.2 percent on the ICE Futures Europe exchange in London. The amount of gas traded fell 14 percent yesterday to the lowest level this month.

Gas for January climbed 0.09 pence, or 0.1 percent, to 66.95 pence a therm at 4:14 p.m. London time. That’s equal to $10.89 a million British thermal units and compares with $3.35 for gas in the U.S.

Gas for today erased earlier gains and was unchanged at 66 pence, according to broker data compiled by Bloomberg.

Demand in the 24 hours to 6 a.m. tomorrow will be 307 million cubic meters versus a seasonal norm of 298 million, National Grid Plc data show. The system will contain 341 million cubic meters at that time, down from 343 million at the start of today.

Gas accounted for 32 percent of U.K. power production at 4:10 p.m., grid data show. Coal generated 40 percent, nuclear 54 percent and wind output rose to its highest since Dec. 14, accounting for 7.8 percent of the total.

Electricity for the next working day fell 2.4 percent to 47.85 pounds a megawatt-hour, the lowest since Nov. 23, 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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