U.K. Natural Gas Falls From Close to 8-Month High, Supplies Rise
U.K. natural gas for same-day delivery declined from close to an eight-month high as supplies outpaced demand at the highest level since April. Day-ahead power dropped.
Month-ahead gas also fell, trimming a two-week advance, according to broker data compiled by Bloomberg. Demand in the 24 hours to 6 a.m. tomorrow will be 264 million cubic meters, the most since April, National Grid Plc (NG/) data show. Total supply will be 268 million, it said.
Gas for today fell 1.8 percent to 67.35 pence a therm at 10:46 a.m. London time. Next-month gas dropped 0.5 percent to 67.2 pence a therm. That’s equivalent to $10.79 per million British thermal units and compares with $3.40 per million Btu of front-month U.S. gas.
Imports from Norway were at a rate of 107 million cubic meters a day after reaching 120 million on Oct. 25, the most since Oct. 1, Gassco AS data show. Flows from Belgium were at 19 million cubic meters a day, according to pipeline operator Interconnector U.K. Ltd. That’s down from 26 million on Oct. 27, the most since January 2011.
Gas accounted for 32 percent of U.K. power production at 11:00 a.m., National Grid data show. Coal Generated 50 percent, nuclear 15 percent and wind 2.1 percent.
Electricite de France SA halted its 610-megawatt Hinkley Point B8 nuclear power plant in southwest England on Oct. 27, according to National Grid Plc data. The reactor will start on Nov. 3, EDF said.
Electricity for the next working day traded at 50.50 pounds ($81.09) a megawatt-hour, compared with 55 pounds on Oct. 26, an 8.2 percent decline, broker data show.
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