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NORWAY GAS-Flows to UK through Langeled drop sharply
July 25, 2012 / 7:57 AM / 5 years ago

NORWAY GAS-Flows to UK through Langeled drop sharply

 * Flows through Langeled pipeline halved
 * Supplies to continental Europe rise
 OSLO, July 25 (Reuters) - Norwegian gas exports through the
Langeled pipeline to Britain were more than halved on Wednesday
morning compared with the previous day's average, data from the
country's gas system operator showed.
 Total flows to Europe fell by 6.8 million cubic metres (mcm)
to 262.4 mcm at 0600 GMT, most likely due to planned summer
maintenance at some gas fields on the Norwegian continental
 Norway is the second-largest gas supplier to Europe after
 Exports to Britain, Europe's most traded gas market, were
down by 19 mcm to 54.9 mcm, with increased flows through
Vesterled and FLAGS pipelines partly offsetting Langeled drop.
 Flows through Langeled pipeline, UK's main subsea gas import
route, fell by 29.4 mcm to 29.1 mcm from Tuesday's average of
58.5 mcm.
 The reduced Langeled flows were broadly in line with
 Combined flows to Germany and Britain rose by 9.4 mcm to
135.9 mcm, and supplies to Belgium were up by 3.2 mcm to 32.9
mcm, while they remained stable to France at about 39 mcm.
 Customers in continental Europe purchase Norwegian gas on
long-term contracts and have priority over the UK, which buys
gas on spot contracts mostly.
 Norwegian gas system operator Gassco was not immediately
available to comment on Langeled drop, but has said planned
maintenance could reduce Norwegian output by 25 mcm per day from
Monday until August 10.
 The last spot price settlements on July 24:
 NBP:            53.5 p/th (23.5 euros/MWh)
 NCG:            24.0 euros MWh
 TTF:            23.8 euros/MWh
 Zeebrugge:      23.7 euros/MWh 
 Gaspool:        23.8 euros/MWh
 Peg Nord:       24.0 euros/MWh
 Peg Sud:        30.7 euros/MWh
 Point Carbon estimated oil-indexed gas price as of July 1 to
be 87.8 pence per therm (37.1 euros per MWh).

 (Reporting by Nerijus Adomaitis; Editing by Alison Birrane)

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