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UK GAS-Prices mostly rise on lower Langeled flows, cooler temperatures

Monday, 29 June 2020 | 23:00

British wholesale gas prices were mostly up on Monday morning as lower temperatures raised consumption and flows through the Langeled pipeline were down.

* The day-ahead contract was 0.40 pence higher at 14.00 pence per therm by 0844 GMT.

* The July contract was up 0.30 pence at 14.20 p/therm.

* Local distribution zone is up due to much cooler temperatures than last week and Norwegian flows through the Langeled pipeline are at 13 mcm this morning, down from 26 mcm/d on Friday, Refinitiv gas analysts said.

* However, the system was oversupplied by 17 million cubic metres (mcm), with demand forecast at 153 mcm and flows at 170 mcm/day, National Grid data shows.

* Gas-for-power demand is reduced due to high wind output and liquefied natural gas send-out has risen.

* Total LNG sendout is nominated at 40 mcm, up from 34mcm/d on Friday, due to higher send-out from the Isle of Grain terminal which has been inactive for most of June.

* Peak wind generation is forecast at 12.4 gigawatts (GW) on Monday and 11 GW on Tuesday, out of total metered capacity of around 15 GW, Elexon data shows.

* The within-day contract was flat at 13.70 p/therm.

* The July gas price at the Dutch TTF hub was up 0.08 euro at 5.30 euros per megawatt hour.

* The benchmark Dec-20 EU carbon contract was 0.11 euro higher at 24.84 euros a tonne.
Source: Reuters (Reporting by Nina Chestney)

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