U.K. Natural Gas Advances as System Flows Drop to Nine-Day Low
U.K. natural gas for next-day delivery climbed as flows into the delivery network dropped to a four-day low.
Within-day and next-month contracts also advanced, according to broker data compiled by Bloomberg. System supply declined to 300 million cubic meters a day, the least since Feb. 5 and compared with a 10-day average of 344 million, National Grid Plc data show.
Gas for tomorrow gained as much as 1.4 percent to 68.95 pence a therm and was at 68.25 pence at 4:14 p.m. London time. Month-ahead gas climbed 1.1 percent to 67.13 pence a therm. That’s equivalent to $10.42 per million British thermal units and compares with $3.18 per million Btu of front-month U.S. gas.
Demand in the 24 hours to 6 a.m. tomorrow will be 313 million cubic meters, the least since Feb. 10, yet above the seasonal normal of 309 million, National Grid data show. The delivery network will contain 353 million cubic meters of gas at the end of the period, little changed from the beginning, grid data show.
Flows from Norway, the U.K.’s biggest source of imported gas, were at 96 million cubic meters a day versus a 10-day average of 106 million, Gassco AS data show.
Gas accounted for 29 percent of power production at 4:10 p.m., grid data show. Coal generated 43 percent, nuclear 16 percent and wind 5.8 percent.
Wind energy output will peak at 2,104 megawatts tomorrow after reaching 3,285 megawatts today, according to Bloomberg calculations. It reached a record 5,082 megawatts on Feb. 3, grid data show.
Electricity for tomorrow rose 0.5 percent to 49.50 pounds a megawatt-hour, broker data show.
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