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UK gas prices down on milder weather and imminent LNG arrivals

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LNG Industry,

Reuters are reporting that British wholesale gas prices declined on 22 March, driven by forecasts for milder weather and a boost to British supplies from the arrival this month of two LNG vessels.

Day-ahead gas fell by 2.05 pence to 53.95 pence per therm.

Within-day gas was down 1.65 pence at 53.85 p/therm.

Traders said gas prices declined because temperatures on 22 March and 23 March are now expected to be higher than previously forecast, also citing the two LNG deliveries.

Volatility in prices, however, is expected until the end of March.

The Gemmata LNG tanker arrived in Britain on 21 March.

Average daily temperatures in Britain are seen at about 6.7°C on 22 March but are forecast to fall to about 5.3°C at the weekend.

“Gas for power is forecast down slightly today as milder weather conditions weigh on total power consumption. Wind speed is also higher today and is expected to remain high tomorrow, reducing gas demand for power,” said Thomson Reuters gas analyst Oliver Sanderson.

UK gas demand is forecast at 274.1 million m3, 3.4 million m3 higher than the seasonal norm. Flows are forecast at 287.5 million m3/day, creating oversupply of 13.4 million m3/day.

Gas supply from Norway to Britain on 22 March was flowing at 113 million m3/day, 2 million m3 lower than 21 March.

The April contract fell by 0.73 pence to 50.67 pence/therm.

Day-ahead gas at the Dutch TTF hub was down €0.95 at €20.85 per megawatt-hour.

The benchmark 18 December EU carbon contract dipped by €0.17 to €12.48 a t.

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