LONDON: British rapid gas prices were stable early on Wednesday on steady supply and expectations the Russia-Belarus gas dispute was improbable to affect output to Europe. “The market doesn’t seem anxious,” one gas trader Alexei Miller said, after Russia said it had slash gas supply to its Belarusian neighbor by 60% on Wednesday morning in a line about supply debt repayments. Russian gas transportation to Europe through Belarus was not affected, he added.

Gas prices for delivery on Thursday were level on the previous session’s day-ahead price at 42.75 pence per thermal on Wednesday. 

The British gas system was underprovided early on Wednesday, but traders estimated the market to balance out later in the day. One liquefied natural gas tanker is due to arrive in Britain on Thursday, and one more was seen anchored off the British east coast on Wednesday morning.

Gas for delivery in July firmed a little but remained well under highs reached last week when prompt prices reacted to the threat of a Norwegian North Sea strike. July added 0.15 pence compared with Tuesday’s close to reach 42.80 pence per therm ($6.34 per mmbtu).

In the over-the-counter (OTC) power market, compact output at EDF Energy’s Heysham 2-7 nuclear power reactor unsuccessful to crash prices

“Margins are quite relaxed at the moment,” one power trader said. National Grid data showed that Thursday’s early-morning generation predict was around 5,000 MW above predicted required levels. But demand is likely to start increasing soon as above-average temperatures will lift power utilization from air conditioning. “We really need to be a couple of degrees above where we are now,” the trader said.

Power for delivery on Thursday last traded at 42.75 pounds per megawatt hour (MWh), 0.25 below Wednesday’s day-ahead trading level.  The day-ahead sale price set by the N2EX power exchange established mostly in line with the OTC market at 42.13 pounds per MWh.

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