News Wires — British wholesale gas prices were mixed on Friday with an increase in Norwegian imports pushing the prompt lower, while prices for next week were higher due to lower temperatures.
* Gas for immediate delivery fell by 1.l0 pence to 33.50 pence per therm at 0854 GMT.
* A surplus in gas supplies and higher wind generation was behind the fall, a gas trader said.
* The system is oversupplied by 24.1 million cubic metres (mcm), with demand forecast at 238.3 mcm and flows at 262.4 mcm/day, National Grid data shows. Demand was 42.3 mcm above the seasonal norm.
* Norwegian gas flows to Britain rose to 65 mcm/day from Thursday’s 48 mcm/day, as flows via the Langeled pipeline increased.
* Liquefied natural gas (LNG) imports are also strong. Britain already received two LNG tankers this month and expects six more to arrive by May 9.
* Peak wind power generation is forecast at 6.0 gigawatts (GW) on Friday and is expected to rise to 9.3 GW the next day, National Grid data shows. The total capacity of the country’s turbines is 12.1 GW.
* Strong power production from wind turbines typically reduces demand for electricity from gas-fired power stations.
* Day-ahead gas price inched up by 0.05 pence to 34.30 p/therm, while gas for delivery next week was up 0.75 pence at 34.00 p/therm.
* Average daily temperatures are predicted to be 7.9 degrees Celsius on Friday, lower than previously forecast. They are seen falling further to 6.7C in the weekend, Refinitiv Eikon data shows.
* Low temperatures will remain next week though and were behind the rise in day-ahead and next week contract prices, a trader said.
* Day-ahead gas price at the Dutch TTF hub edged down by 0.15 euro to 14.50 euros per megawatt hour.
* Benchmark Dec-19 EU carbon contract down 0.15 euro at 24.49 euros a tonne.