Bloomberg News

U.K. Same-Day Gas Advances as Supply Declines, Exports Rise

June 03, 2011

June 3 (Bloomberg) -- U.K. natural gas for today rose as the network manager forecast declining supply, exports to Belgium climbed and deliveries from the Netherlands dropped.

National Grid Plc forecast gas demand in the 24 hours through 6 a.m. tomorrow at 203 million cubic meters, almost 50 million cubic meters less than normal for the time of year. Pipelines in the country will contain 333 million cubic meters of gas at that time, 6 million less than at the start of today.

Interconnector (U.K.) Ltd.’s pipeline was exporting about 31 million cubic meters a day to Belgium, according to data on the company’s website. That’s 7 million more than yesterday.

Deliveries into Britain through the BBL pipeline from the Netherlands dropped to a rate of 12 million cubic meters a day. That’s less than half the rate recorded a week ago, National Grid Plc data show.

Gas for today rose as much as 0.6 pence, or 1 percent, to 58.9 pence a therm. It was at 58.75 pence as of 4:30 p.m. in London, according to broker prices compiled by Bloomberg. That’s 0.75 pence higher than the forward price for today at 4:30 p.m. yesterday and equal to $9.62 a million British thermal units.

U.K. baseload power for the next working day rose 60 pence, or 1.2 percent, to 50.50 pounds a megawatt-hour, according to broker data compiled by Bloomberg. Baseload is delivered around the clock.

The weather next week will be “generally cooler, with brisk northeasterly winds, especially towards the southeast, with heavy showers possible,” the U.K.’s Met Office said on its website today.

Gas for next week gained as much as 1.2 percent to 59.2 pence a therm. It was at 58.7 pence at 4:30 p.m. Winter gas rose 0.4 pence to 71.55 pence a therm.

--Editors: Rob Verdonck, Mike Anderson

To contact the reporter on this story: Ben Farey in London at bfarey@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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