U.K. Within-Day Natural Gas Falls for Second Day on Less Demand
U.K. natural gas for same-day delivery fell for a second day as temperatures rose, reducing demand, while Norwegian flows were near a record high.
Within-day gas declined as much as 2.5 percent, according to broker data compiled by Bloomberg. Demand in the 24 hours to 6 a.m. tomorrow was predicted at 352 million cubic meters, compared with 363 million cubic meters yesterday and a seasonal normal of 300 million, National Grid Plc (NG/) data show.
Flows from Norway, the U.K.’s biggest source of imported gas, were at 133 million cubic meters a day, near yesterday’s record of 136 million cubic meters, Gassco AS data show.
Gas for today fell as much as 1.8 pence to 69.5 pence a therm and traded at 70.5 pence at 9:50 a.m. London time. Next- month gas rose 0.2 percent to 67.55 pence a therm. That’s equivalent to $10.21 per million British thermal units and compares with $3.45 per million Btu of front-month U.S. gas.
The average temperature in the U.K. for the rest of the day will be 3.4 degrees Celsius (38 Fahrenheit), according to MetraWeather data on Bloomberg using the ECMWF model. The previous estimate was for 3.6 degrees, the data show.
System flows reached 369 million cubic meters a day, grid data show. The delivery system will contain 354 million cubic meters of gas at 6 a.m. tomorrow, compared with 353 million cubic meters 24 hours earlier, the data show.
Gas accounted for 38 percent of U.K. power production at 9:50 a.m., grid data show. Coal generated 41 percent, nuclear 15 percent and wind 2.2 percent.
Wind generation will peak at 824 megawatts tomorrow after reaching 1,126 today, Bloomberg calculations show.
Electricity for the next day fell for a second day, losing as much as 6.1 percent to 53.50 pounds a megawatt-hour, broker data show.
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