UK gas down on long system, warm weather; power flat

LONDON, Nov 11 (Reuters) - Prompt British gas prices eased early on Wednesday on ample supply and higher temperatures, while prices along the curve were supported by banks buying, traders said.

Gas for Thursday delivery was trading at 28.25 pence per therm ($4.730 per mmbtu), down 0.90 pence compared with day-ahead contracts from the previous day.

December contracts were up 0.50 pence to 32.40 pence, while 2010 first quarter was up 0.30 pence to 35.50 pence and 2010 summer was up 0.50 pence to 34.50 pence.

"Weather is warm, supply's good. It seems like the banks are having a run at the curve," one trader said.

"But Norwegian flows might be decreasing a bit."

National Grid showed the system was long early Wednesday, even after flows from Norway via the Langeled pipeline fell to 34 million cubic metres a day (mcm) from around 53 mcm.

But flows from South Hook and Dragon liquefied natural gas (LNG) terminals were high, contributing 24 mcm and 22 mcm to the grid respectively.

Temperatures for Thursday across Britain were also forecast to be warmer than Wednesday, the Met Office website showed.

In northwest Europe, weather was also expected to turn milder, lowering energy demand for heating in some areas. [ID:nDTN270]