LONDON, April 11 British wholesale day-ahead gas
prices edged lower on Tuesday morning as higher imports from
Norway contributed to an oversupplied system, but forecasts of
cooler temperatures limited falls.
* British day-ahead gas prices down 0.15 pence to
38.50 pence per therm at 1018 GMT.
* Within-day contract up 0.05 pence at 38.30
* "The market is edging down today but is supported by cooler
temperatures for the second half of the month," said Katrina
Oldham, a trader from British Inenco Ltd. Excess supply had
caused prompt prices to fall by nearly a penny on Monday.
* The gas system was oversupplied by 18.6 million cubic metres
(mcm), with demand forecast at 232.8 mcm/day and flows at 251.4
mcm/day, National Grid data showed.
* Imports from Norway through the Langeled pipeline rose to
around 50 mcm/day from 35 mcm/day and will likely increase to
55-60 mcm/day this week as an outage at Norway's Kvitebjørn gas
field ends, analysts at Thomson Reuters said.
* Further boosting supply, an LNG tanker docked in Britain's
South Hook from Qatar on Tuesday and two more are due to arrive
over the next week.
* Wind and solar generation of 9 gigawatts (GW) meanwhile
weakened demand from gas-fired power stations. Peak wind
generation is expected to rise by 1 GW on Wednesday, Elexon data
* Temperatures are forecast to fall by around 2-3 degrees
Celsius from the current 13 degrees by the weekend, according to
Britain's Met Office.
* The May gas contract was down 0.10 pence at 38.60
* The third-quarter 2017 contract was down 0.10
pence at 38.85 p/therm.
* Day-ahead gas price at the Dutch TTF hub was flat
at 15.60 euros per megawatt hour.
* The benchmark Dec-17 EU carbon contract up 0.06 euro
to 4.85 euros per tonne.
* Thomson Reuters analyst view: here
(Reporting by Peter Hobson; editing by Jason Neely)