May 14, 2019 / 7:59 AM / 10 days ago

UK GAS-Prices mixed after heavy falls in oversupplied market

LONDON, May 14 (Reuters) - British wholesale gas prices were mixed on Tuesday after heavy falls in the previous session, with the within-day contract recovering some ground and the day-ahead price slipping in a oversupplied market.

* Within-day gas price was up 0.5 pence at 31.80 pence per therm by 0730 GMT, having closed 18 percent lower on Monday.

* Day-ahead gas price down 0.25 pence at 32.25 p/therm, having fallen 10 percent the previous day.

* Warmer weather across the country has reduced residential and gas-for-power demand.

* Total demand was seen at 204.6 million cubic metres (mcm) and flows were seen at 220.9 mcm, leaving the market oversupplied, National Grid data showed.

* “The temperatures today and tomorrow are expected to remain above seasonal normal only slightly declining towards end of the week,” gas analysts at Refinitiv said in a daily note.

* “We expect warmer than normal weather conditions next week.”

* The average temperature forecast for the country was increased slightly to 11.8 degrees Celsius for Tuesday and to 12.3 degrees Celsius for Wednesday. By next week, the average is expected to be 13.3 degrees.

* Supplies, meanwhile, were broadly stable.

* An unplanned outage at Norway’s Oseberg has been extended until the end of the week and maintenance continues at the Troll field.

* Peak wind generation was seen low at 1.8 gigawatts (GW) out of 12 GW metred capacity and climbing to 2.6 GW, according to Elexon data.

* But sendout from liquefied natural gas terminals remained at high levels of 68 mcm, with four tankers expected to discharge by the end of Sunday.

* June contract was down 0.55 p at 31.50 p/therm

* Day-ahead gas price at the Dutch TTF hub was 0.15 euro lower at 13.65 euros per megawatt hour.

* Benchmark Dec-19 EU carbon contract was 0.13 euro higher at 25.16 euros per tonne. (Reporting by Sabina Zawadzki. Editing by Jane Merriman)

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