February 7, 2011 / 12:42 PM / in 7 years

UK spot gas prices ease, cold supports prompt

 LONDON, Feb 7 (Reuters) - British spot and curve gas prices
eased on Monday morning as supplies improved and oil prices
remained well below last week's highs, although the price for
next week firmed slightly on a colder weather outlook.
 Supplies of gas from Norway rebounded over the weekend after
exports from the Kollsnes and Kaarstoe gas treatment plants were
cut by power supply problems. [ID:nOSN005005]
 Increased inputs from Norway, combined with a rise in flows
from liquefied natural gas (LNG) terminals, helped push prices
for gas delivered on Monday and Tuesday down to lows of around
54.50 pence, while prices for March dipped to 53.95 pence per
them ($8.69 per mmbtu) before rising to 54.20 by 1210 GMT.
 Colder weather forecast next week pushed the working days of
next week up 0.20 pence to 54.80 pence at around midday, but the
rest of the market fell after rallying last week on the back of
bullish oil markets driven by concern over the stability of the
Middle East.
 Brent crude oil prices -- which can influence UK gas prices
by making UK gas more attractive for consumers in continental
Europe -- hovered around $100 on Monday, off highs last week
above $103. [O/R]
 Summer 2011 gas fell 0.65 pence to 53.00 pence by midday
Monday, while Winter 2011/12 fell 0.30 to 60.20 pence, according
to one broker.
 Prompt UK power prices were steady after the restart over
the weekend of several nuclear power plants was partly
compensated by the shutdown of another reactor.[ID:nLDE7160JC]
 Baseload power for Tuesday traded 46.00-46.45 pounds per
megawatt hour, compared with 46.00-46.25 pounds paid for Monday
baseload contracts on Friday, according to one broker.
(Reporting by Daniel Fineren; Editing by Alison Birrane)

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