April 25, 2018 / 11:20 AM / a month ago

UK GAS-Prices rise as Norwegian outage prompts buying

LONDON, April 25 (Reuters) - Most British wholesale gas contracts reversed earlier losses late Wednesday morning, after news of an outage at a major Norwegian gas processing plant led traders to start buying.

* Day-ahead gas price up 0.40 pence at 51.50 p/therm by 1105 GMT

* Within-day contract up 0.75 p at 51.05 p/therm

* “The news about the additional Norwegian outages especially given the undefined length, nature of it has spooked an already twitchy market,” said Nick Campbell, risk manager at Inspired Energy

* “Any outages impact the amount and price that gas can get injected into storage,” he said

* Norway’s Gassco said in a market message its Karstoe gas processing plant was suffering from an unplanned outage on Wednesday, however the company did not give any details on the expected duration of this or its production impact.

* A spokeswoman for Gassco told Reuters the company did not yet know the impact of the outage

* Separately, the within-day gas price earlier appeared to fall 18 percent to 41.50 p/ therm.

* Marex Spectron confirmed the trade was an error and was subsequently deleted.

* Gas system almost balanaced with demand forecast at 194.2 million cubic metres (mcm) /day and flows at 192.7 mcm/day, National Grid data showed.

* May contract up 0.40 p at 51.05 p/therm.

* Winter 2018 contract up 0.20 p at 57.00 p/therm.

* Day-ahead gas price at the Dutch TTF hub up 0.05 euro at 19.73 euros per megawatt-hour.

* Benchmark Dec-18 EU carbon contract up 0.10 euro at 13.33 euros per tonne. (Reporting By Susanna Twidale; editing by Nina Chestney)

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