According to Reuters, the UK within-day gas price has fallen due to strong North Sea offshore production and high send-out from LNG terminals.
Data from the National Grid shows that the gas system is expected to be oversupplied by 13.1 million m3. Demand forecasts currently stand at 212.6 million m3 and flows seen at 225.7 million m3.
Within-day gas price has fallen from 1.5 pence to 67.50 p/therm and day-ahead gas price rose 0.27 pence at 68.00 p/therm.
Multiple LNG tankers are expected to make deliveries to Britain after a recent lull. The Bu Samra tanker will be the first of five vessels due to dock in the coming days.
Total LNG send-out is reportedly forecast at 21 million m3 and this level is expected to remain steady as all three British LNG terminals are due to receive deliveries.
Domestic gas consumption, primarily associated with heating homes, was 15 million m3 lower than originally predicted as average temperatures rose by 2.4 ºC to 13.1 ºC.
Gas for power usage also saw a decline of 6 million m3 to 54 million m3 as generation from wind power increased.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16102018/uk-within-day-gas-prices-fall-in-response-to-strong-supply/