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UK GAS-Prompt prices rise on undersupply, lower Norwegian imports
April 4, 2017 / 8:25 AM / 8 months ago

UK GAS-Prompt prices rise on undersupply, lower Norwegian imports

LONDON, April 4 (Reuters) - Prompt British wholesale gas prices rose on Tuesday morning as a dip in imports from Norway led to an undersupplied system. * British day-ahead gas price up 1.10 pence to 41.50 pence per therm at 0810 GMT. * Within-day contract up 1.40 pence to 41.70 p/therm. * System undersupplied by 17.1 mcm with demand forecast at 246.5 million cubic metres (mcm) and flows at 229.4 mcm/day, National Grid data shows. * Traders said prices up after an outage in Norway cut gas exports to Britain. * Imports from Norway through Langeled below 50 mcm/day, down from around 60 mcm on Monday. * An unplanned outage at Norway's Kvitebjørn gas field cut its output by 11 mcm/day Norwegian gas system operator Gassco said. * An unplanned outage at Britain's Heysham 1-2 nuclear reactor helped to increase demand for gas from power stations and push up power prices. * The wholesale day-ahead power contract rose 2.25 pence to 42.90 pounds/megawatt hour. * May gas contract up 0.78 pence to 40.85 p/therm * Winter 2017 contract up 0.53 pence to 47.20 p/therm * Day-ahead gas price at the Netherlands' TTF hub up 0.20 euro to 16.30 euros per megawatt hour. * Benchmark Dec-17 EU carbon contract down 0.09 euro to 4.78 euros per tonne. * Carbon prices down after European Commission data on Monday showed emissions covered by the bloc's Emissions Trading System (ETS) likely fell by 2.7 percent in 2016, thereby cutting demand for carbon permits. * Thomson Reuters analyst view: here (Reporting by Susanna Twidale; editing by Jason Neely)

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