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UK GAS-Prices fall on higher Norway flows and wind power output

Friday, 19 July 2019 | 00:00

British wholesale gas prices fell on Thursday on increased imports from Norway and higher output from wind farms.

* Within-day gas fell by 0.70 pence to 30.00 p/therm at 0824 GMT.

* Day-ahead gas was down 0.17 pence at 30.00 pence per therm. The August contract was also 0.20 pence lower at 29.60 p/therm.

* Prices had fallen because gas imports from Norway have increased and wind power generation is stronger, a British gas trader said.

* Total Norwegian flows to Britain are 7 million cubic metres (mcm) higher than the previous working day at 53 mcm/day.

* Norway’s Aasta Hansteen field has come back to full production mode after an unplanned outage reduced its flows by 11 mcm the previous day. Another outage that was cutting the Troll field’s flows has also ended.

* Prices were down despite a supply deficit. The British gas system was undersupplied by 8.8 mcm on Thursday, with demand forecast at 164.4 mcm and supply seen at 155.6 mcm/day, National Grid data showed.

* In Britain, peak wind generation is forecast higher than earlier in the week, reaching 4.7 gigawatts (GW) on Thursday and 6.7 GW on Friday.

* Britain is expecting two Qatari liquefied natural gas cargoes by July 25.

* In the Dutch gas market, the day-ahead price at the TTF hub was down by 0.33 euro at 10.82 euros per megawatt hour.

* The Dutch month-ahead price was 0.45 euro lower at 10.80 euros per megawatt hour.

* Benchmark Dec-19 EU carbon contract fell by 0.33 euro to 28.13 euros a tonne.
Source: Reuters (Reporting by Lefteris Karagiannopoulos; editing by Nina Chestney)

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