February 22, 2017 / 10:15 AM / 2 years ago

UK GAS-Prompt prices fall on oversupply, milder temperatures

LONDON, Feb 22 (Reuters) - * British day-ahead gas price down 0.60 pence at 44.90 pence per therm at 10.01 GMT. * Within-day contract down 0.13 pence to 45.45 p/therm. * System oversupplied by 16.9 million cubic metres (mcm), with demand forecast at 253.8 mcm and flows at 270.7 mcm/day, National Grid data shows. * Imports from Norway through the Langeled pipeline near full capacity around 75 mcm/day. * "Prompt and near curve prices continue to slide...in line with average temperature forecasts for the coming weeks remaining above seasonal normal levels," said Wingas pricing and risk analyst Andrew Crabtree. * Britain's Met Office forecast temperatures could reach 13 degrees Celsius in the south of the country on Wednesday, around 7-8 degrees above average for the time of year. * Traders said forecasts of high output from the country's wind farms also curbed gas demand, contributing to oversupply in the system. * A storm is expected to bring winds of up to 80 miles per hour in some parts of the country, the Met Office said. * Peak wind power generation forecast at 8 gigawatts (GW) on Wednesday and 6.3 GW on Thursday, National Grid data showed. * March gas contract down 0.65 pence at 46.10 p/therm * Winter 2018 contract down 0.30 pence at 49.50 p/therm * Day-ahead gas price at the Dutch TTF hub 0.12 euro lower at 17.65 euros per megawatt hour. * Benchmark Dec-17 EU carbon contract 0.06 euro lower at 4.99 euros per tonne. * Thomson Reuters analyst view: here (Reporting by Susanna Twidale; editing by Nina Chestney)

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