LONDON, Dec 31 (Reuters) - British gas prices for Jan. 2
were slightly higher on Monday as demand was forecast to rise
when factories and offices reopen following Tuesday's public
The price of gas for day-ahead delivery was up 0.25 pence to
62.00 pence per therm at 1100 GMT. The contract is dated on Jan.
2 because of the New Year's Day public holiday.
Prices may take on an increasingly bullish tone as the
system 'looks tighter for day-ahead with less room for storage
injections', analysts from Thomson Reuters Point Carbon said in
a daily report.
On Monday, data from National Grid showed the market to be
oversupplied by almost 20 million cubic metres (mcm) due to
largely uninterrupted pipeline flows and increased supplies of
liquefied natural gas (LNG).
'Current UK Continental Shelf (UKCS) volumes are 149 mcm/d,
in line with yesterday but significantly up from Friday. In
addition LNG supplies from South Hook are up at 35 mcm/d as
stock levels approach fullness with the latest arrivals
currently offloading,' Point Carbon analysts said.
Meanwhile, estimates from National Grid for Monday showed
demand to be 257 mcm, 41.4 mcm below the seasonal norm and 19.9
mcm lower than supply.
Britain's gas system has flipped into export mode as gas is
being pumped to continental Europe.
Figures from Gas Infrastructure Europe showed that British
storage sites are around 84 percent full, up from around 80
percent a week ago.
The Met Office said temperatures in southern Britain could
dip to a maximum temperature of around 7 degrees on Tuesday and
Wednesday before rising again to perhaps as high as 13 degrees
at the end of the week.
Benchmark summer 2013 gas prices were down 0.30 pence at
60.75 pence/therm, while crude oil prices were down around 0.5
percent to $110/barrel as markets waited for news on last-ditch
talks between U.S. lawmakers.
The U.S. Congress is scheduled to meet on Monday in a last-
minute attempt to avoid the 'fiscal cliff' - $600 billion worth
of tax hikes and spending cuts due to kick in from Jan. 1 that
could tip the world's largest economy into recession.
(Reporting by John McGarrity; editing by Jane Baird)
UK natural gas prices
National Grid instant flows
National Grid gas demand
North Sea gas and power maintenance
UK: baseload prices, peakload prices,
FRANCE: baseload prices, peakload prices, outages, report
GERMANY: baseload prices, peakload prices, outages, report
CENTRAL EUROPE: report
SWITZERLAND: outages, reservoir levels
EU CARBON PRICES SPEEDGUIDE:
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