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Pin to quick picksNational Grid Share News (NG.)

Share Price Information for National Grid (NG.)

London Stock Exchange
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Share Price: 882.60
Bid: 884.60
Ask: 885.00
Change: 3.20 (0.36%)
Spread: 0.40 (0.045%)
Open: 885.00
High: 891.20
Low: 881.00
Prev. Close: 879.40
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Prices decline as healthy supply offsets lower French LNG send-out

Thu, 06th Apr 2023 10:51

LONDON, April 6 (Reuters) - British and Dutch wholesale gas prices declined on Thursday morning as healthy supply and low demand offset a decline in liquefied natural gas (LNG) send-out from France.

The front-month contract at the Dutch TTF hub was down 2.20 euros at 44.00 euros per megawatt hour (MWh) by 0946 GMT, while the May contract dipped by 0.90 euro to 44.60 euros/MWh, Refinitiv Eikon data showed.

The British weekend price was 4.00 pence lower at 103.50 pence per therm, while the contract for working days next week fell by 9.25 pence to 104 pence/therm.

Norwegian and UK pipeline supply are expected to be strong into next week, despite an expectation of lower flows through the Langeled pipeline due to maintenance in Norway.

"We don't expect a lot of market movement today based on the current market fundamental picture and the fact that Europe going on a long Easter break from tomorrow," said Refinitiv gas analyst Yuriy Onyshkiv.

Analysts at Engie EnergyScan added that a gradual rise in temperatures and renewable generation is also bearish.

French unions have announced extensions to strike action which will affect the send-out of LNG at French terminals but most of the impact is over the long Easter weekend from April 7-10 when energy demand should be lower.

North-west Europe local distribution zone demand, mainly used in heating, is forecast to drop by 1,100 gigawatt hours per day (GWh/d) which should offset the effects.

Fluxys has declared force majeure at the Dunkirk LNG terminal due to expected disruptions from Thursday morning to Friday morning, the company said in a bulletin.

The terminal will have its delivery capacity reduced to 70 GWh/d for 24 hours as a result of the strike action against the government's pension reform, the bulletin said.

Strikes at Montoir and Fos LNG terminals have been extended until the evening of April 11.

In the European carbon market, the benchmark contract inched up by 0.62 euro to 97.25 euros a tonne.

(Reporting by Nina Chestney)

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