U.K. Next-Day Natural Gas Declines as System Flows Exceed Demand
U.K. natural gas for next-day delivery declined for a second day as system flows exceeded demand amid colder than average weather.
Day-ahead gas dropped as much as 2.2 percent, according to broker data compiled by Bloomberg. Flows in the 24 hours to 6 a.m. tomorrow were predicted at 393 million cubic meters a day compared with demand of 376 million, National Grid Plc (NG/) data show. The low temperature in London was minus 1 degree Celsius (30 Fahrenheit) versus a 10-year average of 4 degrees, CustomWeather Inc. data on Bloomberg show.
Gas for tomorrow fell 1.25 pence or 1.8 percent, to 68.25 pence a therm at 8:29 a.m. London time. Next-month gas slid 1.6 percent to 66 pence a therm. That’s equivalent to $10.49 per million British thermal units and compares with $3.60 per million Btu of front-month U.S. gas.
Flows from Norway, the U.K.’s biggest source of imported gas, were as low as 85 million cubic meters a day, the least since Jan. 9, Gassco AS data show.
Electricity for tomorrow dropped 1.8 percent to 52.35 pounds a megawatt-hour, broker data show.
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