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U.K. Natural Gas Declines on Increased Supplies, Warmer Weather
in-en.com  2007-3-30 20:52:50  

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U.K. natural-gas prices declined as supplies from Norway increased, enabling shippers to curb withdrawals from storage, and as weather forecasters predicted warmer temperatures over the weekend.

Gas for next-day delivery fell 5 percent to 21 pence a therm, according to price information on Bloomberg from the energy broker Spectron Group Plc. That's the equivalent of $4.11 a million British thermal units. A therm is 100,000 Btus. Gas for same-day delivery fell 8.7 percent to 21.45 pence a therm.

Maximum temperatures in London on April 2 may rise to 16 degrees Celsius (60.8 Fahrenheit) from a high of 10 degrees today, according to a forecast on the Web site of the British Broadcasting Corp.

Supplies of gas onto the U.K. transportation grid rose to a rate of 343.2 million cubic meters a day at 8:47 a.m. after falling as low as 304.5 million yesterday, according to data on Bloomberg from network manager National Grid Plc.

Gas imports to the U.K. through the Langeled pipeline, which transports gas from the Norwegian North Sea, rose to a rate of 33.9 million cubic meters a day, from as low as 5.2 million cubic meters a day yesterday. Deliveries of gas into Scotland's St Fergus terminal, owned by Total SA, increased to a rate of 52.5 million cubic meters a day, compared with a maximum of 47.6 million yesterday.

Withdrawals from the Rough storage facility, the U.K.'s largest, declined to a rate of 20.6 million cubic meters a day from a high of 33.5 million yesterday.

Gas for delivery in May fell 4.4 percent to 20.75 pence a therm, according to Spectron prices.

 


 
Author:Paul Dobson  From:Bloomberg  Edit:inen
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