Uk gas-prompt prices rise as imports from norway fall – yahoo finance uk

* System balanced, demand 16 pct above seasonal norm

* Imports from Norway fall by 10 mcm/day

March 22 (Reuters) – British gas prices for immediate

delivery rose on Tuesday as imports from Norway fell, although

higher deliveries from the UK’s continental shelf offset the

impact.

Gas for immediate delivery rose 0.45 pence, or

1.58 percent, to 29.00 pence per therm by 0900 GMT, while the

day-ahead contract lost 0.05 pence, or 0.17 percent,

to 28.90 pence/therm.

Britain’s gas system was balanced, with demand and supply

forecast at 279 million cubic metres (mcm) per day on Tuesday

morning, National Grid (LSE: NG. L – news) data showed.

Demand, however, was 16 percent higher than the seasonal

norm.

Deliveries from Norway fell by 10 mcm/day as more gas was

sent to Germany. The fall in Norwegian flows was offset by flows

from the UK continental shelf rising to 140 mcm/day from 133 mcm

the previous day.

Domestic supplies were expected to strengthen as maintenance

at UK’s Britannia gas field was expected to end on Tuesday

morning.

Nominations, however, showed that the outage could last at

least for one day, analysts at Thomson Reuters (Dusseldorf: TOC. DU – news) said. The

operator of the field, ConocoPhillips (NYSE: COP – news) , was not immediately

available to comment.

Supply from UK liquefied natural gas (LNG) terminals was

expected to remain steady at 36 mcm/day on Tuesday, with two new

tankers expected to arrive at the South Hook terminal on March

23 and March 28.

Gas demand, excluding power generation, was expected to fall

due to the Easter holidays, while the latest forecasts showed

slightly cooler conditions next week than previously expected.

Temperatures are expected to stay near or slightly below

average throughout March 26-April 4, and the first half of April

could also be cooler than normal, UK’s Met Office said.

Further along the curve, the contract for gas delivery

next-season was up 0.48 percent at 27.38

pence/therm.

The Dutch day-ahead gas price rose 0.1 euro/MWh,

or 0.83 percent, to 12.10 euro/MWh.

In the European carbon market, front-year allowances

eased 0.03 euro, or 0.61 percent, to 4.85 euro a

tonne.

(Reporting by Nerijus Adomaitis in Oslo, editing by Louise

Heavens)

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