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UK GAS-Prices fall on oversupplied system

Reuters - UK Focus

* System oversupplied by 23 mcm

* Next (Dusseldorf: NXG.DU - news) -day gas down 0.80 pence at 48.50 p/therm

LONDON, April 23 (Reuters) - British spot gas prices fell on Wednesday in reaction to an oversupplied market.

Gas prices for delivery the next day were trading at 48.50 pence per therm at 0856 GMT on Wednesday, down 0.80 pence from the previous settlement, while prices for within-day delivery fell by 2.00 pence to 48.40 pence per therm.

Gas flows were forecast at around 211 million cubic metres (mcm) per day on Wednesday while demand was at around 188 mcm, leaving the system oversupplied by 23 mcm, according to data from National Grid (LSE: NG.L - news) .

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Analysts said gas flows from Norway through the Langeled pipeline were high at around 30 mcm/day.

"Current flows are very high compared to average daily flows observed in the past few days," they said.

A reduction in exports from Norway will be lower than expected on Wednesday after gas system operator Gassco said work at a gas field off Norway would cut Norwegian gas output by 18 mcm per day instead of 26 mcm per day.

The work is scheduled to begin at 1000 GMT on Wednesday and end at 1000 GMT on Thursday, Gassco said.

Further along the curve, gas for delivery in the third quarter was down 0.15 pence at 50.25 pence per therm, while the winter contract was down 0.45 pence at 62.00 pence per therm.

GAS UK natural gas prices National Grid instant flows National Grid gas demand North Sea gas and power maintenance

POWER UK: baseload prices , peakload prices , outages FRANCE: baseload prices , peakload prices , outages, report GERMANY: baseload prices , peakload prices , outages, report CENTRAL EUROPE: report SWITZERLAND: outages, reservoir levels NORDIC (SES: MR7.SI - news) : report EU CARBON PRICES SPEEDGUIDE: (Reporting by Nina Chestney; Editing by Pravin Char)