Bloomberg News

U.K. Natural Gas Declines as Flows Increase to One-Month High

January 14, 2013

U.K. natural gas fell, trimming a two-week advance, as higher demand was met with the biggest flows in a month.

Next-day and month-ahead gas declined, according to broker data compiled by Bloomberg. Demand in the 24 hours to 6 a.m. tomorrow was predicted at 357 million cubic meters, compared with a seasonal normal of 309 million, National Grid Plc (NG/) data show. Flows earlier reached 403 million cubic meters a day, the most since Dec. 14, grid data show.

Gas for tomorrow fell 1.1 percent to 68 pence a therm at 4:24 p.m. London time. Month-ahead gas dropped 0.4 percent to 67.2 pence a therm. That’s equivalent to $10.79 per million British thermal units and compares with $3.38 per million Btu of front-month U.S. gas.

The low temperature in London will be minus 3 degrees Celsius (26 Fahrenheit) tomorrow and minus 5 on Jan. 16, compared with a 10-year median of 4 degrees, CustomWeather Inc. data on Bloomberg shows.

Shipments from Norway, the U.K.’s largest source of imported gas, were at a rate of 114 million cubic meters a day, after rising to as much as 132 million, compared with a 10-day average of 113 million, Gassco AS data show.

Output for Statoil ASA (STL)’s gas fields is reduced by a net 3.2 million cubic meters a day today, with availability increased by 4.2 million and decreased by 7.2 million, data on the company’s website showed.

Gas accounted for 35 percent of U.K. power production at 4:20 p.m., grid data show. Coal generated 39 percent, nuclear 17 percent and wind 4.5 percent.

Electricity for tomorrow rose 0.9 percent to 54 pounds a megawatt-hour, broker data show.

To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net


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