UK GAS-Prices slip as system oversupplied
British wholesale gas prices for immediate delivery slipped on Friday, following rises earlier in the week on several outages, as the system was oversupplied.
* Within-day contract was down 0.2 pence at 56.00 pence per therm at 0825 GMT.
* Day-ahead gas had not yet traded.
* Flows along the Langeled pipeline from Norway were reduced by 7 million cubic metres (mcm) to 19 mcm due to maintenance at the Troll/Kollsnes fields.
* But the Interconnector pipeline running to Belgium remained shut for a planned outage until June 28, which means some excess gas is trapped in Britain.
* Gas supply from Norway to Britain fell 6 mcm to 52 mcm, in line with expectations.
* The British gas market was oversupplied, with demand forecast at 137.0 mcm and supply seen at 144.0 mcm, National Grid data showed.
* Wind generation fell on Friday to 5.6 gigawatt (GW) on Friday and is seen lower on Saturday, from 9.9 gigawatt (GW) on Thursday.
* The Bu Samra liquefied natural gas (LNG) tanker arrived in Britain late on Thursday but gas send-out from Britain LNG terminals is not expected to increase soon.
* LNG send-out was at 9 mcm on Friday, unchanged from Thursday. The South Hook and Isle of Grain terminals do not need to increase their send-out rates as they have enough storage, gas analysts at Thomson Reuters said.
* The July contract was up 0.4 pence at 56.30 pence/therm.
* Day-ahead gas at the Dutch TTF hub fell 0.24 euro to 22.53 euros per megawatt-hour.
* The benchmark Dec-18 EU carbon contract slipped 0.05 euro to 14.85 euros a tonne.
Source: Reuters (Reporting by Sabina Zawadzki; editing by Jason Neely)