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UK GAS-Prices up as exports to Europe rise to seven-month high
April 3, 2017 / 8:59 AM / 6 months ago

UK GAS-Prices up as exports to Europe rise to seven-month high

LONDON, April 3 (Reuters) - British wholesale gas prices rose on Monday morning as requests for exports to Europe hit a seven-month high. * Within-day contract rises 1.40 pence to 39.90 pence per therm at 0853 GMT. * British day-ahead gas price up 0.75 pence at 40.05 pence per therm. * Traders said prices were up due to high exports to Europe, which have arisen from comfortable UK supply and a short Dutch market. * Exports through the InterconnectorUK to continental Europe are nominated at 38 million cubic metres (mcm), the highest level since September, due to strong supply and increased injection demand in Europe. * However, the UK system is slightly oversupplied, with demand forecast at around 235 mcm and flows at 238 mcm/day, National Grid data shows. * Imports from Norway are high at 100 mcm. * Winter 2017 contract up 0.70 pence at 46.65 p/therm. * Day-ahead gas price at the Dutch TTF hub 0.63 euro higher at 15.95 euros per megawatt hour. * Benchmark Dec-17 EU carbon contract was 0.04 euro higher at 4.73 euros a tonne. The European Commission is due to publish verified emissions data for 2016 at 1000 GMT (1200 CEST). * Thomson Reuters analyst view: here (Reporting by Nina Chestney)

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