London — British wholesale gas prices edged higher on Wednesday as supplies dipped slightly, leading to an undersupplied market, while lower temperatures were forecast.
* The day-ahead contract moved 0.35 pence higher to 41.20 pence per therm by 0845 GMT.
* The within-day contract was yet to trade
* Britain’s gas system was balanced with demand forecast at 278.6 million cubic metres (mcm) and supplies seen at 278.7 mcm, National Grid data showed
* Flows from the UK Continental Shelf were reduced by 3 mcm to 148 mcm while from Norway along the Langeled pipeline, they were also down by 3 mcm to 70 mcm.
* Sendout from liquefied natural gas (LNG) terminals was stable at 52 mcm, but that followed a drop of 13 mcm on Tuesday.
* A total of nine cargoes are expected in Britain between Nov. 28 and Dec. 16, however, adding ample supplies in the coming two weeks.
* November’s LNG imports to Britain were the highest for a month since at least 2013.
* Temperature forecasts from weather watchers monitored by Refinitiv gas analysts were reduced for Wednesday and Thursday, leading to higher gas consumption expectations.
* Residential gas consumption, used mainly in heating, are forecast at 178 mcm on Wednesday and to climb to 194 mcm on Thursday, 15 mcm higher than previously expected.
* Gas for power is also expected to be higher — by 11 mcm at 61 mcm — with low peak wind generation levels of 7.6 gigawatts (GW) out of a total 15.3 metred capacity.
* The December contract dipped 0.08 pence to 41.72 pence per therm.
* Day-ahead gas at the Dutch TTF hub rose 0.15 euro to 15.70 euros per megawatt hour.
* The benchmark Dec-19 EU carbon contract slipped 0.03 euro to 24.41 euros per tonne
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