U.K. Natural Gas for Today Rises as Temperatures Decline

U.K. natural gas rose for a third day as temperatures fell below freezing, boosting demand for the heating fuel to its highest in more than a week.

Within-day gas advanced 2.5 percent, according to broker data compiled by Bloomberg. The average temperature in the U.K. through tomorrow will be zero degrees Celsius (32 Fahrenheit), down from a previous forecast of 0.1 degree, MetraWeather data using the GFS model showed at 4:30 p.m. London time.

Gas for today climbed 1.7 pence to 68.9 pence a therm at 4:39 p.m. The next-month contract climbed 0.8 percent to 66.9 pence a therm. That’s equivalent to $10.20 per million British thermal units and compares with $3.28 per million Btu of front-month U.S. gas.

Demand in the 24 hours to 6 a.m. tomorrow will be 357 million cubic meters, the most since Feb. 13, National Grid Plc data show. The delivery network will contain 354 million cubic meters of gas at the end of the period, up from 349 million at the beginning, grid data show.

Gas accounted for 32 percent of U.K. power production at 4:25 p.m., grid data show. Coal generated 40 percent, nuclear 17 percent and wind 4.3 percent.

Wind power output will peak at 1,696 megawatts tomorrow after touching 2,880 megawatts today, according to Bloomberg calculations. It reached a record 5,082 megawatts Feb. 3, grid data show.

Electricity for tomorrow dropped 1 percent to 51.25 pounds a megawatt-hour, broker data show.