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UK GAS-Promp eases on rising supplies

Reuters - UK Focus

* Gas for immediate delivery ease to 41 pence/therm

* Norway restarts deliveries via Vesterled pipeline

Sept 24 (Reuters) - British spot gas prices eased on Thursday morning on increased deliveries from Norway and ramping up of a UK gas terminal.

Gas for within day delivery was trading at 41.00 pence per therm at 0745 GMT, down 0.25 pence since its last settlement.

Gas for delivery on Friday was down 0.20 pence at 40.90 pence per therm.

With supply flows at about 202 million cubic metres (mcm) per day on Thursday and demand expected to be about 200 mcm, the system was 2 mcm oversupplied, National Grid (LSE: NG.L - news) data showed.

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"Flows rose due to the return of Bacton SEAL terminal and the Vesterled pipeline," said Francois Flament, an analyst at Thomson Reuters Point Carbon.

"In addition, we expect higher flows via the Langeled pipeline after an expected end of maintenance on the Norwegian continental shelf and Troll outage," he added.

Norwegian gas flows to Britain rose by 8 mcm/day on Thursday morning, helped by the Vesterled restart.

Flows to Britain's Bacton SEAL terminal more than doubled on Thursday from about 6 mcm/day on Wednesday evening after an end of unexpected outage, National Grid data showed.

In the Netherlands, the day-ahead gas price at the TTF hub was 0.28 euros lower at 18.92 euros per megawatt-hour (MWh).

In Europe's carbon market the front-year EU Allowance (EUA) price eased 0.05 euros to 8.03 euros per tonne. (Reporting by Nerijus Adomaitis, editing by William Hardy)