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U.K. Natural Gas Advances as Dutch Pipeline Supply Declines

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Oct. 28 (Bloomberg) -- U.K. natural gas for within-day delivery advanced, reversing the biggest decline in more than four months, as pipeline supplies from the Netherlands and Norway dropped.

Gas for today added 4.1 percent, after slumping as much as 16 percent, the biggest drop since June 21, according to broker data compiled by Bloomberg. The U.K. grid was forecast to have a shortfall of 14 million cubic meters of gas at 6 a.m. London time tomorrow, down from a surplus of as much as 29 million seen earlier today, National Grid Plc data show.

Same-day gas dropped 10.3 pence to 52.65 pence a therm before trading at 65.5 pence a therm at 4:25 p.m. London time. That’s equivalent to $10.57 per million British thermal units. The next-day contract climbed 0.4 percent to 65.2 pence a therm, while November gas fell 0.5 percent to 68.7 pence after reaching 68.3 pence, the lowest since Oct. 4.

The delivery network was predicted to contain 334 million cubic meters of gas at 6 a.m. tomorrow, down from 348 million 24 hours earlier, National Grid data show.

Flows from the Netherlands were at 4.6 million cubic meters a day, from as much as 22 million earlier today, grid data showed. Imports from Norway were at 63 million compared with 73 million earlier, according to Gassco AS data.

Pipeline exports to Belgium were at 11.3 million cubic meters a day versus a 10-day average of 0.4 million, Interconnector (U.K.) Ltd. 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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