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UK GAS-Prices fall due to oversupply

Reuters - UK Focus

* UK gas prices down on high supply from Norway, UKCS

* Dutch TTF day-ahead falls 6 pct on colder weather

LONDON, Jan 20 (Reuters) - British wholesale gas prices fell early on Wednesday due to high levels of supply from Norway and domestic production, and expectations of milder temperatures.

In Britain, gas for day-ahead delivery fell by 1.45 pence to 31.40 pence per therm at 0859 GMT from the previous settlement, while gas for immediate delivery was 0.80 pence lower at 31.70 p/therm.

Supply is strong with a high level of imports from Norway and domestic production from the UK Continental Shelf.

According to National Grid (LSE: NG.L - news) data, demand is forecast to be around 365 million cubic metres (mcm) on Wednesday, while flows are expected to be around 370 mcm/day, meaning the system is around 5 mcm over-supplied.

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On the demand side, local distribution zone (LDZ) demand - demand for gas, excluding industrial areas - is expected to be 265 mcm/day on Wednesday and Thursday.

This will be the peak of LDZ demand during the current cold spell and should drop to around 200 mcm/day after that for a couple of weeks.

Weather forecasts currently show the weather in Britain returning to milder conditions, with temperatures up to 4 degrees above normal, by the first week of February.

In the Netherlands, the day-ahead gas price at the TTF hub fell by 0.90 euros to 12.80 euros per megawatt hour.

Temperatures in continental Europe are expected to turn slightly colder from tomorrow for the next couple of days and LDZ consumption is forecast to rise.

Meanwhile, in Europe's carbon market, the front-year EU Allowance price declined by 0.22 euros to 6.64 euros per tonne. (Reporting by Nina Chestney; editing by Susan Thomas)