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U.K. Natural Gas Contracts Decline Amid Warmer Weather Forecasts

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Jan. 28 (Bloomberg) -- U.K. natural gas fell as predictions for above-average temperatures cut demand for the heating fuel.

Within-day and next-day contracts both declined, according to broker data compiled by Bloomberg. The high temperature in London tomorrow and on Jan. 30 will be 12 degrees Celsius (54 Fahrenheit), the most since Jan. 3, and above the 10-year average of 7 degrees, CustomWeather Inc. data on Bloomberg show.

Gas for tomorrow slid 1.4 percent to 66 pence a therm at 4:07 p.m. London time. Month-ahead gas was little changed at 67.1 pence a therm. That’s equivalent to $10.54 per million British thermal units and compares with $3.31 per million Btu of front-month U.S. gas.

Demand in the 24 hours to 6 a.m. tomorrow will be 307 million cubic meters a day, the least on a working day since Jan. 8, and below the seasonal average of 309 million, National Grid Plc data show. System flows were as little as 279 million cubic meters a day, the least since Jan. 9, grid data show.

Flows from Norway, the U.K.’s largest source of imported gas, were at rate of 115 million cubic meters a day versus a 10-day average of 107 million, Gassco AS data show. Imports from Belgium were at rate of 8 million cubic meters a day, the least since Jan. 9, Interconnector Ltd. data show.

Gas accounted for 27 percent of U.K. power production at 4:05 p.m. grid data show. Coal generated 41 percent, nuclear 17 percent and wind 9.4 percent.

Electricity for tomorrow dropped 6.4 percent to 44.40 pounds a megawatt-hour, broker data show.

To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

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

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