U.K. Natural Gas, Power Decline as Pipeline, LNG Flows Rise

2011-5-26

U.K. natural gas and power declined as deliveries from the Netherlands and liquefied gas terminals increased and the network manager forecast an oversupply.

Pipeline flows into Britain through the BBL link from the Netherlands jumped 47 percent to the highest since April, as gas supplies from the South Hook and the Isle of Grain LNG terminals increased, according to National Grid Plc data.

Gas for next month fell as much as 0.5 pence, or 0.9 percent, to 57 pence a therm. It was at 57.3 pence as of 4:30 p.m. in London, according to broker prices compiled by Bloomberg. That’s equal to $9.33 a million British thermal units. A therm is 100,000 Btu. Gas for today declined 0.65 pence to 57.5 pence. Gas for tomorrow was at 57.50 pence at 4:30 p.m.

“The flatness of the spot to the near curve suggests currently storage injections could be limited and the increase in BBL flows suggests that Interconnector exports also might be lower today,” Nick Campbell, an analyst at Lytham St. Annes, England-based Inenco Group Ltd., said in an e-mail today.

BBL imports climbed to a rate of 24 million cubic meters a day from about 16.5 million over the past two days. Exports to Belgium through Interconnector (U.K.) Ltd.’s pipeline are about 23 million cubic meters a day, according to data on the company’s website.

Tanker, Demand

The Al Khuwair tanker is sailing to the Isle of Grain terminal east of London, according to AISLive data on Bloomberg. The vessel, with capacity of 211,885 cubic meters, is due to arrive on June 4, the data show.

National Grid forecast gas demand in the 24 hours through 6 a.m. tomorrow at 236 million cubic meters, less than normal for the time of year. Pipelines in the country will contain 342 million cubic meters of gas at that time, 6 million more than at the start of today.

U.K. baseload power for next month was little changed at 50.30 pounds a megawatt-hour, broker data on Bloomberg show. Baseload is delivered around the clock.

Winter gas, to be delivered in the six months from October, gained 0.3 pence to 69.5 pence a therm. Electricity for winter rose 15 pence to 57.65 pounds a megawatt-hour.

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