London — British wholesale gas prices were mixed on Friday morning, with an oversupplied market weighing on within-day prices while planned maintenance work boosted day-ahead contracts.
* Within-day gas fell 1.50 pence to 27.50 pence per therm by 0902 GMT.
* Day-ahead gas was up 0.80 p at 29.50 p/therm.
* Production from the UK Continental Shelf rose by 4 million cubic metres (mcm) thanks to the end of maintenance that had affected Barrow North and St Fergus Shell.
* Flows from Norway along the Langeled pipeline system also increased, rising by 7 mcm.
* However, the uplift will be short-lived. A planned outage at the huge Troll field and Kollsnes processing plant, into which it feeds gas, is expected to start at the weekend, reducing flows by 147 mcm.
* The system was oversupplied by 20.2 mcm, with demand forecast at 124.5 mcm and supplies seen at 144.7 mcm, National Grid data shows.
* “Despite the system being loose today due to the reroute in Norwegian gas to the UK, there is a high possibility for Kollsnes maintenance … starting over weekend to support prices during the afternoon today,” Refinitiv gas analysts said in a daily note.
* Supplies were also curbed by an unplanned outage at the Culzean gas field, though a resumption in operations began early on Friday, operator Total E&P said in a market update.
* Meanwhile send-out from British liquefied natural gas (LNG) terminals dipped below the levels of a year ago for the first time this year, at about 5 mcm, Refinitiv data shows.
* No new LNG tankers are scheduled to arrive in Britain in the foreseeable future. In recent months send-out has peaked at almost 80 mcm, having been above 40 mcm for most of the year.
* Peak wind power generation is forecast at 7.8 gigawatts (GW) on Friday, down from 9.2 gigawatts (GW) on Thursday, and will fall further to about 4.4 GW over the weekend, Elexon forecasts showed.
* The September gas contract fell 0.54 pence to 30.10 p/therm.
* The month-ahead contract at the Dutch TTF hub was down 0.12 euro at 10.88 euros per megawatt hour.
* The benchmark Dec-19 EU carbon contract was down 0.25 euro at 25.41 euros a tonne.