UK GAS-Prices edge up amid LNG supply fall

Most prompt British wholesale gas prices rose on Thursday morning, likely supported by a drop in liquefied natural gas (LNG) supply into Europe.

* The within-day contract was up 10 pence at 14.00 p/ therm by 0807 GMT.

* The day-ahead contract fell by 0.25 p to 13.75 p per therm.

* Traders said fundamental drivers were largely bearish, but reasons for the price uptick included lower LNG deliveries to Europe and the possibility of further cancellations of U.S. cargoes, after dozens have been cancelled for June and July loading.

* LNG sendout in Britain fell to 31 million cubic metres (mcm) on Thursday from 36 mcm on Wednesday, data on Refintiv Eikon showed.

* LNG deliveries to northwest Europe are on track to drop 24% in June compared with June 2019, if no new arrivals are scheduled, Refinitiv data showed.

* In continental Europe, weaker LNG sendout has also continued to support Dutch gas price from the front of the curve in recent days as cooling demand ramps up elsewhere, Refinitiv analysts said in a morning note.

* In Britain, temperatures are expected to ramp up from next week, potentially driving more cooling demand too.

* Price gains were limited and the day-ahead dropped due to Lower gas demand in power generation, which is expected to fall further on Friday.

* The UK gas system was 6.4 mcm oversupplied, with demand at 179.5 mcm and supply at 185.9 mcm, National Grid showed.

* On the curve prices rose.

* The July contract was up 0.10 p at 13.80 p/therm.

* The July gas price at the Dutch TTF hub was up 0.13 euro at 5.45 euros per megawatt hour.

* The benchmark Dec-20 EU carbon contract was up 0.21 euro at 22.96 euros per tonne.
Source: Reuters (Reporting by Ekaterina Kravtsova; Editing by Mark Potter)