EUROPE GAS: U.K. Spot Posts Weekly Climb Amid Stronger Demand

Updated on

Natgas for immediate delivery has 1st w/w advance in 3 in U.K., Europe’s most-traded mkt amid higher-than-normal demand and planned start of yearly maintenance at supply facilities next wk.

  • Within-day gas gains 1.5% on NBP hub to 43.60 p/therm by 2:59pm in London; up 3% w/w, down 5.2% m/m: broker data
  • Day-ahead price rises 1.4% to 43.75 p/therm: broker data
  • Avg temperature in U.K. fcast ~3C below 10-year avg Friday before rising to 1C above norm next wk: WSI data
  • U.K. industrial, commercial, residential gas consumption for Friday revised up by ~2.5 mcm/d before declining next wk: Bloomberg model
  • System undersupplied vs balanced earlier Friday: National Grid
  • Day-ahead price supported by start of maintenance on North Sea fields next week: Wingas U.K. in e-mailed note
  • July contract rises 0.3% to 41.96 p/therm on ICE Futures Europe; winter price gains 0.4% to 48.15 p/therm
  • Dutch gas for next month loses 0.4% on TTF hub to EU20.50/MWh; comparable contract on NetConnect Germany falls 0.8% to EU20.68/MWh: broker data

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