October 12, 2016 / 9:42 AM / 2 years ago

UK GAS-Instant delivery price falls as imports rise

* British gas market balanced

* Imports from the Netherlands rise

LONDON, Oct 12 (Reuters) - British gas prices for immediate delivery fell on Thursday morning, as imports of gas ramped up, leaving the system balanced.

Gas for immediate delivery fell 1.15 pence to 41.85 pence per therm by 0909 GMT.

Britain’s gas supply and demand were both pegged at 233.7 million cubic metres (mcm) per day, National Grid data showed.

Traders said an increase in imports had weiged on prices. Imports from the Netherlands though the BBL pipeline were around 9 mcm, up from zero the previous day, National Grid data showed.

Imports from Norway through the Langeled pipeline ticked up to around 53 mcm, from levels below 50 mcm on Tuesday.

Gas for day-ahead delivery was little changed at 42.00 pence, up 0.20 pence from Wednesday’s close.

Traders said expectation of strong demand for gas, due to cool weather forecasts for Thursday had helped to buoy day-ahead prices.

Britain’s Met Office forecast temperatures in Britain would peak at around 12 degrees Celsius on Thursday, down from highs of around 15 degrees on Wednesday.

On the gas curve the Q1 2017 contract rose 0.45 pence to 46.25 p/therm, while the Summer 2017 contract gained 0.38 pence to 41.55 p/therm.

In the Netherlands, the day-ahead gas price at the TTF hub was up 0.05 euro at 15.60 euros per megawatt-hour.

In the European carbon market, the benchmark Dec. 16 contract rose 0.02 euro to 5.45 euros a tonne. (Reporting by Susanna Twidale, editing by Louise Heavens)

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