LONDON, Oct 29 (Reuters) - British spot gas prices rose
slightly on Tuesday morning as the gas system was undersupplied
due to lower imports from Norway and continental Europe and as
gas was withdrawn from storage.
Gas prices for delivery within the day were trading at 65.50
pence per therm at 0902 GMT, up 0.20 pence from yesterday's
close, while prices for next-day delivery were up 0.35 pence at
65.35 pence per therm.
Gas supplies were seen at 185.5 million cubic metres/day
(mcm), leaving the system nearly 20 mcm short, according to the
National Grid website.
Britain's gas demand was expected to be 205.2 mcm, around 11
percent below the seasonal norm. However, there was higher local
distribution zone consumption Tuesday than the previous day.
'The system is undersupplied this morning because of lower
Langeled imports and flows from continental Europe, and Rough
has started to withdraw from stocks,' a gas trader said.
Gas withdrawals from Centrica's Rough gas storage site were
being done at a rate of 3.7 mcm/day. The site is around 95
percent full, compared to 98 percent this time last year.
On the LNG supply side, a 266,000 cubic metre tanker is
expected to arrive at South Hook on Thursday.
In the power market, day-ahead baseload (24 hours) prices
rose by 3.10 pounds to 48.60 pounds ($78.40) per megawatt hour,
as power generated by wind farms was expected to decline.
Wind power generation capacity is currently seen at around
4,000 megawatts, but is expected to dip to as low as 2,000
megawatts on Wednesday, Point Carbon data show.
Britain's Met Office said that winds would ease in the
coming days and temperatures would dip to the seasonal average
of around 13 degrees Celsius.
($1 = 0.6199 British pounds)
(Reporting by Nina Chestney and Alexander Winning; editing by
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:
Keywords: MARKETS BRITAIN GAS/POWER
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