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UK gas prices rise on Norway gas field outage

British wholesale gas prices rose on Monday morning due to an outage at Norwegian gas field Troll which could mean fewer supplies of gas reach Britain.

Prices for day-ahead delivery were up 1.30 pence at 45.25 pence per therm at 0815 GMT, while gas for immediate delivery was 0.75 pence higher at 45.20 pence per therm.

British gas traders said an outage at Norway's biggest natural gas field Troll would likely reduce flows to Britain on Monday.

Production capacity at Troll will be reduced by 15 million cubic metres (mcm) on Monday due to an unexpected outage, gas system operator Gassco said on Sunday.

The outage at the field started at 1641 GMT on Sunday and is expected to last for ten hours.

There are also no liquefied natural gas tankers scheduled to arrive in Britain at the moment.

British gas demand is estimated to be 286.2 million cubic metres on Monday, according to National Grid, slightly above forecast flows of 284.3 mcm/day.

Further along the curve, month-ahead gas prices were up by 1.0 pence to 45.60 pence per therm.

In the Netherlands, the February gas prices at the TTF hub were up 0.42 euros per 19.90 euros per megawatt-hour (MWh).

Intercontinental Exchange, said last week that its TTF natural gas futures and options contracts set a new daily volume record on Jan. 21 of 58,335 contracts (42.3 terrawatt hours) traded.

This more than doubled the previous daily record set in November last year.

The benchmark European Union carbon contract was 4 euro cents higher at 6.92 euros per tonne.

Bussiness Recorder
Published on:
January 26, 2015
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