U.K. natural gas for next-day delivery advanced as forecasts for colder weather boosted demand for the heating fuel.
Day-ahead gas added as much as 2.6 percent, according to broker data compiled by Bloomberg. The low temperature in London tomorrow will be minus 3 degrees Celsius (27 Fahrenheit) tomorrow and minus 6 Celsius on Jan. 25 after reaching 1 degree today, CustomWeather Inc. data show.
Gas for tomorrow climbed 1.45 pence, or 2.1 percent, to 69.2 pence a therm at 4:56 p.m. London time. Next-month gas fell 0.6 percent to 66.25 pence a therm. That’s equivalent to $10.50 per million British thermal units and compares with $3.54 per million Btu of front-month U.S. gas.
Demand in the 24 hours to 6 a.m. tomorrow will be 388 million cubic meters, the most since Jan. 16, National Grid Plc data show. The delivery network will contain 363 million cubic meters of gas at the end of the period, up from 354 million at the beginning, grid data show.
Flows from Norway, the U.K.’s biggest source of imported gas, were at a rate of 104 million cubic meters a day, compared with a 30-day average of 115 million, Gassco AS data show.
Imports from Belgium were at a rate of 15 million cubic meters a day, down from 24 million yesterday and the least since Jan. 16, Interconnector Ltd. data show.
Gas accounted for 41 percent of U.K. power production at 4:50 p.m., grid data show. Coal generated 33 percent, nuclear 16 percent and wind 1.5 percent.
Electricity for tomorrow rose 4.6 percent to 56 pounds a megawatt-hour, broker data show.