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UK GAS-Prices mixed on carbon, supply expectations

British wholesale gas prices were mixed on Thursday, as a boost in carbon prices led prompt gas to gains, while expectations for strong supplies in coming months pushed forward contracts lower.

* Day-ahead gas was up by 0.35 pence at 27.85 p/therm at 0814 GMT.

* Within-day gas inched up 0.10 pence to 27.70 pence per therm.

* “Carbon has started the day slightly higher,” moving day-ahead prices up, said a British gas trader.

* The benchmark Dec-19 EU carbon contract was up by 0.12 euro at 29.31 euros a tonne, having touched a 13-year high on Tuesday.

* The August contract was trading 0.23 pence lower at 27.77 p/therm.

* Expectations for more liquefied natural gas (LNG) supplies were pushing the August contract lower, he added, while a second trader also cited increasing gas storages.

* Britain is set to receive two LNG cargoes before the end of the month and expects one more on Aug. 8.

* The system was oversupplied by 16.0 million cubic metres (mcm) on Thursday, with demand forecast at 147.7 mcm and supply seen at 163.7 mcm per day, National Grid data showed.

* Total Norwegian flows to Britain are 2 mcm lower than the previous working day at 46 mcm/day.

* Peak wind generation is expected at 6.6 gigawatts (GW), out of a total metred capacity of 12 GW, and is expected to fall to 4.2 GW the next day.

* Average daily temperatures in Britain are forecast to reach 23.8 degrees Celsius on Thursday and are seen falling to 21 degrees Celcius on Friday.

* In the Dutch gas market, the day-ahead price at the TTF hub was down by 0.20 euro at 10.15 euros per megawatt hour.

* The August gas price at the Dutch TTF hub was down by 0.09 euros at 10.06 euros per megawatt hour.
Source: Reuters (Reporting by Lefteris Karagiannopoulos in Oslo, editing by Deepa Babington)

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