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UK GAS-Prices slip as supply outpaces demand

Reuters - UK Focus

* Unplanned outage at Norway's Kaarstoe

* Gas imports through Dutch BBL pipeline rise

LONDON, Jan 8 (Reuters) - British spot gas prices fell on Friday morning as higher imports from the Netherlands helped the market shrug off an outage in Norway.

Gas for within-day delivery fetched 34.15 pence per therm at 0910 GMT, down 0.40 pence from the last settlement.

Gas for day-ahead delivery fell 0.85 pence to 34.00 pence per therm.

With (Other OTC: WWTH - news) supply flows at about 296 million cubic metres (mcm) and demand expected to be 291.6 mcm, Britain's gas system was 4.4 mcm oversupplied, National Grid (LSE: NG.L - news) data showed.

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Imports from the Netherlands through the BBL pipeline rose, helping to offset a dip in imports from Norway due to an outage at that country's Kaarstoe gas-processing plant.

BBL imports were around 25 mcm on Friday morning, National Grid data showed, up from levels below 20 mcm on Thursday.

Norwegian imports to Britain through the Langeled pipeline were below 60 mcm per day, down from around 70 mcm on Thursday.

Most production at Kaarstoe was shut down due to a gas leak late on Thursday, gas system operator Gassco said.

Gassco said it did not know how long the outage would last and Norway's gas production capacity was reduced by more than 32 mcm per day on Friday.

Gas prices further along the curve also fell, with the winter 16 contract down 1.05 pence at 35.10 pence per therm.

In the Netherlands, the day-ahead gas price at the TTF hub fell 0.56 euro to 14.82 euros per megawatt-hour.

In Europe's carbon market, the front-year EU Allowance price rose 0.02 euro to 7.62 euros per tonne.

Despite Friday's gains, carbon prices have fallen around 8 percent this week following technical sell-offs on Wednesday and Thursday after a breach of key resistance levels.

There is little demand to support prices as utilities, the largest buyers of credits, have not yet returned to the market after the holiday period, traders said. (Reporting by Susanna Twidale; Editing by Dale Hudson)