U.K. natural gas for same-day delivery fell as flows increased to the highest in almost a month amid colder weather that yesterday boosted prices the most since August.
Within-day gas dropped as much as 1.8 percent, according to broker data compiled by Bloomberg. Flows were at a rate of 338 million cubic meters a day, the most since Dec. 14, National Grid Plc data show. Demand in the 24 hours to 6 a.m. tomorrow will be 327 million cubic meters, also the highest since Dec. 14, grid data show.
Gas for today fell 0.75 pence, or 1.1 percent, to 67 pence a therm at 5:06 p.m. London time. It jumped 5.9 percent yesterday, the biggest gain since Aug. 20. Month-ahead gas lost 1 percent to 67.2 pence a therm. That’s equivalent to $10.83 per million British thermal units and compares with $3.20 per million Btu of front-month U.S. gas.
The low temperature in London will be zero degrees Celsius (32 degrees Fahrenheit) or below on all but two days through Jan. 24, CustomWeather Inc. data on Bloomberg show.
Norwegian gas supplies were cut by a total of 17.1 million cubic meters today, Statoil ASA said on its website. Output will be reduced by 17 million cubic meters a day for one day on Jan. 16, it said in a separate posting.
Imports from Norway, the U.K.’s biggest external source of gas, rebounded to as much as 124 million cubic meters a day, the most since Jan. 3, from as low as 69 million yesterday, Gassco AS data show.
The delivery network was predicted to contain 355 million cubic meters of gas at 6 a.m. tomorrow, up from 348 million at the start of today, grid data show. Demand will be above the seasonal norm for the first time since Dec. 19.
Gas accounted for 36 percent of U.K. power production at 4:50 p.m., grid data show. Coal generated 39 percent, nuclear 18 percent and wind 0.4 percent.
The 580-megawatt unit 4 at the Longannet coal-fired power station had an unplanned halt at about 1 a.m. due to a boiler fault, grid data show.
Electricity for tomorrow fell 2.6 percent to 50.15 pounds a megawatt-hour, broker data show.