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UK GAS-Prompt prices slip on oversupply and high storage

Prompt prices for British wholesale gas fell on Wednesday morning as oversupply and high levels of gas in storage weighed on the market.
* The day-ahead contract was down 0.25 pence at 25.25 pence per therm by 0852 GMT.
* The within-day contract was down 1.2p at 25.25 p/therm.
* Traders said the market remained oversupplied and bearish despite two unplanned outages curbing domestic gas supply.
* Both Serica Energy’s St Fergus gas terminal and Total E&P’s Teesside CATs gas transporting and processing site were experiencing unplanned outages on Wednesday morning.
* Britain’s gas system was oversupplied by 13.8 (million cubic metres), with demand forecast at 278 mcm and flows at 291.8 mcm/day, National Grid data showed.

* “MRS (gas storage) stock levels are acutely high and at nominal capacity,” analysts at Refinitiv said in a daily research note.
* Further along the curve, prices rebounded from Tuesday’s losses.
* The November contract was up 0.6p at 36.65 p/therm after hitting its lowest in nearly four months on Tuesday.

* The December contract was up 0.45p at 42.70 p/therm.
* The day-ahead gas price at the Dutch TTF hub was up 0.25 euros at 10.57 euros per megawatt hour.
* The benchmark Dec-19 EU carbon contract was up 0.40 euros at 25.85 euros a tonne.
Source: Reuters (Reporting by Susanna Twidale Editing by David Goodman )

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