June 2 (Bloomberg) -- U.K. natural gas for winter was little changed near a six-week high after oil recovered from earlier losses. European emission permits declined.
Gas for the six months starting in October dropped 0.2 percent to 71.1 pence a therm at 4:30 p.m. in London, according to broker prices compiled by Bloomberg. That’s equal to $11.60 a million British thermal units.
Brent crude for July settlement was stable, recovering from earlier losses after reports showed U.S. oil supplies rose, companies added fewer jobs than forecast and global manufacturing slowed, stoking speculation fuel demand may falter. The European benchmark traded at $114.65 a barrel on London’s ICE Futures Europe exchange, up 0.1 percent. Oil costs can boost the price of some mainland European gas contracts, affecting the U.K. market because of pipeline links to the continent.
Brent has advanced 20 percent this year as unrest in the Middle East and North Africa halted production in Libya.
National Grid forecast gas demand in the 24 hours through 6 a.m. tomorrow will be 210 million cubic meters, near this year’s low of 207 million cubic meters reached on May 22.
Within-day gas slid a second day, dropping 0.3 percent to 58.25 pence a therm. Gas for tomorrow fell 0.3 percent to 58 pence. U.K. day-ahead power dropped 0.6 percent to 49.90 pounds a megawatt-hour.
European carbon permits for December 2011 slid 1 percent to 16.63 euros ($23.97) a metric ton after trading at their highest price since November 2008 on May 31 on ICE.
The Ascension Day holiday in most of continental Europe and the Nordic countries meant energy trading was muted and volumes limited. The European benchmark power contract, next-year in Germany, was little changed at 59.55 euros a megawatt hour.
Bloomberg tracks power prices from brokers including GFI Group Inc., ICAP Plc, Spectron Group Ltd., Tradition Financial Services and Tullet Prebon Plc.
--Editors: Rob Verdonck, Mike Anderson
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