Gas prices up amid curtailed Norwegian output
Gas prices were forced up on Tuesday amid amid curtailed Norwegian output and despite tumbling gas demand.
Late afternoon trade witnessed the Winter 24 front-season contract edge above the 100p/therm (3.41p/kWh) as market participants braced for any prolonged disruptions to supply.
Data from offshore operator Gassco shows that 176.91mcm was taken offline across the gas-day coinciding with a sharp 49% drop in Langeled (Norway to UK) pipeline flows.
At the same time, luckily, unseasonably low demand likely helped to keep a lid on prices. National Gas data shows that total demand fell to 159.7mcm on Tuesday, down almost 6% day-on-day and 61.8mcm below the seasonal norm of 221.5mcm.
NBP Gas prices regrettably remain elevated above 100p/therm this morning, although most contracts have seemingly pulled back from an earlier attempt to push higher
The UK is currently consuming 28.82 GW’s of electricity (10:00 – 10:30).
The UK’s onshore and offshore wind turbines are currently generating 6.47 GW’s (20.85%) of the UK’s total electricity with solar generation at 1.35 GW’s (4.34%), Nuclear at 4.69 GW’s (15.13%) and gas for power generating 9.31 GW’s (30.00%) of the total.
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