July 19, 2017 / 9:22 AM / 2 years ago

UK GAS-Prices fall as Norway flows recover and demand dips

LONDON, July 19 (Reuters) - British gas prices fell on Wednesday morning thanks to an oversupplied system, with rising Norwegian flows and waning demand for gas-fired power generation. * Day-ahead gas price down 0.70 pence at 34.20 pence per therm at 0906 GMT. * The day-ahead has lost ground since Monday's near 7 percent rally amid rising flows from main supplier Norway to 44 million cubic metres/day, following the end of maintenance affecting Norwegian continental shelf gas fields. * Within-day price has not traded. * The gas system was oversupplied by 10.5 million cubic metres (mcm), with demand forecast at around 184.4 mcm and flows at 194.9 mcm/day, National Grid data showed. * A trader said the oversupply was mostly caused by higher Norwegian flows, as outages affecting the Kollsnes gas processing plant, and the Asgard gas field, ended, coupled with a 6 mcm/day reduction in demand for gas-fired power generation. * Exports to continental Europe through InterconnectorUK are at maximum capacity at 56-57 mcm, Thomson Reuters gas analyst Oliver Sanderson said. * In the Dutch gas market, the day-ahead price at the TTF hub was down 0.03 euro at 14.95 euros a megawatt-hour. * Benchmark Dec-17 EU carbon contract down 0.05 euro at 5.41 euros per tonne. * Thomson Reuters analyst view: here (Reporting by Oleg Vukmanovic; Editing by Dale Hudson)

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