Prices fall as LNG send-out surges
British wholesale gas prices fell morning as an increase in liquefied natural gas send-out helped to create oversupply.
* The within-day contract fell by 1.25 pence to 27.50 pence per therm by 0912 GMT.
* The February contract was 1.01 pence lower at 27.30 p/therm.
* Traders said a surge in liquefied natural gas (LNG) send-out was weighing on prices.
* The system opened slightly oversupplied by around 3 million cubic metres (mcm), with demand forecast at 342 mcm and flows at 345 mcm/day, National Grid data showed.
* Liquefied natural gas (LNG) send-out is nominated at 137 mcm/day, up 60 mcm from Friday.
High winds last week prevented some tankers from docking at UK terminals but as the wind subsided over the weekend, cargoes have arrived.
* Gas-for-power demand has increased as the wind output has weakened.
* Peak wind generation is forecast at nearly 6.8 gigawatts (GW) on Monday and 6 GW on Tuesday, out of a total metered capacity of around 15 GW, Elexon data showed.
* Analysts at Bernstein said European gas storage remains high at 81% full, above the five-year average, which is also weighing on prices.
* In the Dutch gas market, the day-ahead gas price at the TTF hub was 0.25 euro lower at 10.60 euros per megawatt hour.
* The benchmark Dec-20 EU carbon contract was 0.10 euro higher at 25.54 euros a tonne. (Reporting by Nina Chestney)
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