July 17, 2017 / 8:49 AM / in 2 months

UK GAS-Prompt prices edge higher on undersupply

LONDON, July 17 (Reuters) - Prompt British gas prices edged higher on Monday morning, as strong exports to the continent left the British gas system slightly undersupplied. * Within-day gas price up by 0.20 pence to 33.60 pence/therm at 0840 GMT. * UK gas system undersupplied by 7.5 million cubic metres (mcm), with demand forecast at 207.8 mcm and flows at 200.3 mcm/day, National Grid data showed. * Traders said exports to the continent, via the InterconnectorUK (IUK) pipeline with Belgium, were high due to strong gas demand in Europe. * "Continental gas demand is quite robust due to high gas-to- power demand," a gas trader said, adding that high coal prices had led to some fuel switching, from coal to gas. * Exports from Britain to the continent through the IUK pipeline near full capacity around 57 mcm. * The front-year European API2 2018 coal contract rose $0.92 to $71.75 a tonne. * August gas contract up by 0.28 pence to 34.00 p/therm. * Day-ahead gas price at the Dutch TTF hub down by 0.01 euro to 14.90 euros per megawatt hour. * Benchmark Dec-17 EU carbon contract flat up by 0.01 euro to 5.43 euros per tonne. * Thomson Reuters analyst view: here (Reporting by Susanna Twidale; editing by Nina Chestney)

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