June 17 (Bloomberg) -- U.K. winter natural gas was unchanged after Brent crude oil pared losses from early trading. Winter power was little changed.
Gas for the six months from October dropped as much as 0.7 pence, or 1 percent, to 71 pence a therm, its lowest since June 2, according to broker prices compiled by Bloomberg. It was unchanged at 71.7 pence as of 4:45 p.m. in London, equal to $11.60 a million British thermal units.
Brent for August delivery declined as much as $2.97, or 2.6 percent, to $111.05 a barrel on London’s ICE Futures Europe exchange, its lowest since May 25. It was at $113.25 a barrel as of 4:44 p.m. in London. Lower oil costs affect the price of some mainland European gas contracts and weaken U.K. contracts because of pipeline links to the continent.
U.K. winter baseload power slipped 4 pence to 58.96 pounds a megawatt-hour, broker data show. Baseload is delivered around the clock.
Centrica Plc, Britain’s biggest energy supplier, said it took delivery of its first cargo of liquefied natural gas under a three-year deal signed with Qatar Liquefied Gas Co. for annual supply of 2.4 million metric tons of the chilled gas.
“The Mozah, a state of the art Q-Max LNG tanker, berthed at 1.30 a.m. today and is capable of carrying enough gas to supply 6 million homes for a week,” Centrica said in an e- mailed statement.
Langeled Flows Rise
Norwegian pipeline imports through the Langeled link increased, grid data show, indicating Royal Dutch Shell Plc’s Ormen Lange field may have started after planned maintenance. Shell wasn’t immediately able to comment.
National Grid Plc forecast gas demand in the 24 hours through 6 a.m. tomorrow at 199 million cubic meters, 47 million less than normal for the season, according to the pipeline manager’s website. The nation’s pipelines will hold 344 million cubic meters of the fuel at that time, about 5 million more than at the start of today.
Within-day gas fell 0.9 pence to 58.3 pence a therm. Gas for June 20 was at 58.5 pence at 4:30 p.m. Power for the next working day rose 25 pence to 51.25 pounds a megawatt-hour.
--Editors: Rob Verdonck, Raj Rajendran
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