July 7, 2017 / 8:16 AM / 3 months ago

UK GAS-Prompt prices fall on high imports, looming LNG supply

LONDON, July 7 (Reuters) - The price of prompt British wholesale gas fell on Friday morning, as high imports from Norway and looming supplies of liquefied natural gas (LNG) weighed on the market. * British within-day gas price down by 1.85 pence to 36.00 pence/therm at 0800 GMT. * Day-ahead gas price down by 0.75 pence to 36.25 p/therm. * The British gas system oversupplied by 14.9 million cubic metres (mcm), with demand forecast at 183.7 mcm and flows at 198.6 mcm/day, National Grid data showed. * Traders said high imports from Norway, the expectation of strong LNG deliveries over the next few days, including Britain's first shipment from the United States, and weak gas demand amid warm weather, had sent prices lower. * Imports from Norway through the Langeled pipeline were near 50 mcm, up from levels below 40 mcm the previous afternoon. * The Aamira LNG tanker arrived in Britain from Qatar, while two further tankers, including the Maran Gas Mystras from the United States, are expected to arrive over the next few days. * Britain's Met Office said temperatures could reach as high as 27 degrees Celsius in parts of the country on Friday, but temperatures are likely to dip over the weekend. * August gas contract down by 0.67 pence to 36.13 p/therm. * Day-ahead gas price at the Dutch TTF hub down by 0.03 euro to 15.10 euros per megawatt hour. * Benchmark Dec-17 EU carbon contract flat at 5.24 euros per tonne. * Thomson Reuters analyst view: here (Reporting By Susanna Twidale; Editing by Greg Mahlich)

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