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UK GAS-Prices mixed as demand set to fall and LNG arrivals loom

Thursday, 08 April 2021 | 00:00

British wholesale gas prices were mixed early on Wednesday, reflecting a tighter system and cold weather, but also lower demand and increasing supply over the next few days.

* The within-day contract was up 1.70 pence at 53.95 pence per therm by 0840 GMT.

* The day-ahead contract was down 1.25 pence at 52.50 p/therm.

* Prices should ease as demand will drop as temperatures rise in the coming days and as forecasts improve for flows of liquefied natural gas (LNG), a trader said.

* Four more LNG tankers will arrive in Britain this week and several more are due this month.

* Local distribution zone consumption, mainly used for heating, was strong on Wednesday but would drop by 20 million cubic
metres (mcm) on Thursday amid rising temperatures, Refinitiv data showed.

* Gas for power demand would drop 26 mcm day on Thursday as stronger wind returned, Refinitiv’s analysts said.

* Peak wind power generation will reach 11.4 gigawatt (GW) on Wednesday and 13.9 GW on Thursday, out of a total metered capacity of nearly 19 GW, Elexon data showed.

* The system opened some 9 million cubic metres (mcm) under-supplied, but was now balanced, with demand and supply both forecast at 294 mcm/day, National Grid data showed.

* The May gas price at the Dutch TTF hub was 0.19 euro lower at 19.48 euros per megawatt hour.

* The weaker prices on Wednesday did not change the bigger picture, however, with the commodity complex still in an uptrend, the trader said.

* The benchmark Dec-21 EU carbon contract rose to a new all-time high of 44.35 euros a tonne on Wednesday morning, but last traded 0.40 euro down day on day at 43.84 euros a tonne.
Source: Reuters (Reporting by Nora Buli in Oslo. Editing by Jane Merriman)

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