U.K. Within-Day Natural Gas Rises to Week High as Demand Gains

March 11 (Bloomberg) -- U.K. within-day natural gas rose to its highest in a week as freezing weather spurred demand and outages trimmed supply.

The contract rose 21 percent to 91 pence a therm, equivalent to $13.57 per million British thermal units, at 5:14 p.m. in London, according to data from brokers compiled by Bloomberg. It earlier rose as much as 27 percent.

Demand through 6 a.m. tomorrow will be 375 million cubic meters, 19 percent more than March 8, according to data from National Grid Plc. The temperature in London reached a high of 1 degree Celsius (34 Fahrenheit) today, compared with a 30-year average of 12 degrees, according to CustomWeather Inc. data on Bloomberg.

Same-day prices have averaged 69.42 pence this year, 17 percent more than the same period last year, as freezing weather forced Britain to rely on gas imported from Norway. Rough, the nation’s biggest storage, and Total SA’s St. Fergus terminal in northern Scotland had outages today, temporarily crimping supply.

Day-ahead gas rose 15 percent to 90.5 pence. April gas rose 0.7 percent to 69.04 pence, the highest close since Sept. 23, 2011, on ICE Futures Europe in London.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

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