Monday, 30 March 2020 | 14:32
View by:

UK GAS-Day-ahead price edges higher with wind power output set to dip

Wednesday, 25 March 2020 | 00:00

The day-ahead British wholesale gas price edged higher on Tuesday morning as forecasts for lower output from the country’s wind farms was expected to increase demand for gas from power stations.

* The day-ahead contract was up 0.23 pence at 22.80 p/therm by 0949 GMT.

* Traders saId that despite ongoing fears over Europe’s energy demand due to the coronavirus spot prices were still responding to short-term fundamentals.

* Peak wind power generation is forecast at 11.3 gigawatts (GW) on Tuesday, falling to 8.9 GW on Wednesday, Elexon data showed.

* “Day-ahead gas for power demand is up, however the forecast may be a bit too high as lots of commercial sites have been shut down,” Refintiv analysts said in a daily research note.

* Gas for power demand was forecast at 48 million cubic metres (mcm) on Tuesday rising to 76 mcm on Wednesday, Refinitiv analysts said.

* Britain’s gas system was oversupplied by mcm with demand forecast at 228.5 mcm and flows at 240.3 mcm/day, National Grid data showed.

* The April contract was up 0.38 p at 22.00 p/therm

* The day-ahead gas price at the Dutch TTF hub was down 0.10 euro at 8.10 euros per megawatt hour.

* The benchmark Dec-20 EU carbon contract was up 0.65 euro at 16.19 euros per tonne.
Source: Reuters (Reporting By Susanna Twidale; editing by Nina Chestney)

    There are no comments available.
    In order to send the form you have to type the displayed code.