U.K. Natural Gas Little Changed as Delivery Network Balanced
U.K. natural gas for same-day delivery traded little changed as the grid operator predicted a balanced delivery network amid the lowest seasonal demand for almost a decade.
Day-ahead and next-month gas advanced, according to broker data compiled by Bloomberg. The delivery system will contain 345 million cubic meters of gas at 6 a.m. tomorrow, up from 341 million 24 hours earlier, National Grid Plc (NG/) data show.
Within-day gas traded at 62.5 pence a therm at 8:49 a.m. London time. February gas rose 0.3 percent to 66.45 pence a therm. That’s equivalent to $10.67 per million British therms, units and compares with $3.21 per million Btu of front-month U.S. gas.
Demand in the 24 hours to 6 a.m. tomorrow will probably be 239 million cubic meters, the lowest for the time of year since at least 2004, National Grid data show.
Imports from Norway, the U.K.’s largest source of imported gas, were at a rate of 99 million cubic meters a day, compared with as much as 125 million yesterday.
Gas accounted for 24 percent of U.K. power production at 8:50 a.m., National Grid data show. Coal generated 45 percent, nuclear 20 percent and wind 5.6 percent.
Electricity for the next working day climbed 5 percent to 47.35 pounds a megawatt-hour, broker data show.
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