March 3, 2017 / 8:52 AM / 2 years ago

UK GAS-Prices decline on robust supply

March 3 (Reuters) - * British day-ahead gas price declines by 0.50 pence to 43.00 pence per therm at 0846 GMT. * Within-day contract down 0.40 pence at 43.00 p/therm. * Demand was forecast at 284 million cubic metres (mcm) and flows at 315 mcm/day, leaving the system 31 mcm oversupplied-National Grid. * Supplies from the UK Continental Shelf and Norway are strong. * Softening north-east Asian demand should let more spot Qatari liquefied natural gas cargoes head to Europe as the heating season ends, consultancy Energy Aspects said. * Day-ahead gas price at the Dutch TTF hub 0.32 euro lower at 16.70 euros per megawatt hour. The April contract was up 0.08 euro at 16.83 euros/MWh. * Energy Aspects said EU storage levels are likely to be around 25 billion cubic metres (bcm), around 16 bcm lower year-on-year. * "With the market mindful of those storage levels, (month-ahead Dutch gas) prices may drift down to 16.77 euros/MWh, but we do not expect them to fall much further over the coming week," Energy Aspects said. * Benchmark Dec-17 EU carbon contract up 0.14 pence at 5.61 pence per therm. * Thomson Reuters analyst view: here (Reporting by Nina Chestney)

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