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U.K. Next-Day Gas Drops to Eight-Month Low as Belgian Pipe Shuts

June 11 (Bloomberg) -- U.K. natural gas for next-day delivery dropped to its lowest price in more than eight months before the halt of a pipeline to Belgium tomorrow that will curb demand for exports.

The day-ahead contract fell as much as 3.3 percent to 58.7 pence a therm, the lowest since Oct. 1, according to broker data compiled by Bloomberg. It was at 59.35 pence at 4:48 p.m. in London, equivalent to $9.24 per million British thermal units. Same-day gas declined 2.2 percent to 59.3 pence a therm.

Interconnector U.K. Ltd.’s reversible pipeline to Belgium will halt from tomorrow until June 27, according to the company. Exports from the U.K. will fall to 51.3 million cubic meters today after reaching a two-year high of 59 million on June 8, Interconnector data show.

Supply into Britain from Norway was at 67 million cubic meters a day today, compared with an average of 66.7 million during the past 10 days, according to data from Gassco AS, Norway’s pipeline operator. The Norpipe from Norway into Germany is shut for three weeks from June 3, cutting flows into the Emden gas terminal by 35 million cubic meters a day, according to Gassco’s website.

Day-ahead U.K. gas has averaged 70.7 pence this year, 20 percent more than the 58.9 pence in the same period last year, broker data show.

To contact the reporters on this story: Mathew Carr in London at m.carr@bloomberg.net; Rachel Morison in London at rmorison@bloomberg.net

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

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