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UK GAS-Prompt prices fall as warm weather curbs demand

Reuters - UK Focus

* Gas demand at levels seen in June, not April -analyst

* Gas storage sites less than 19 pct full, low for time of year

April 10 (Reuters) - British spot gas prices fell early on Friday as unseasonably warm weather curbed utilities' demand for gas.

Gas for immediate delivery was trading down 1.37 pence to 46.88 pence per therm by around 0900 GMT, while gas for day-ahead delivery was down 0.45 pence at 47.70 pence per therm.

"Forecast demand today is at the levels normally seen in June, not April. That drives prices down, despite Norwegian maintenance," said Oliver Sanderson, an analyst at Thomson Reuters Point Carbon.

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National Grid (LSE: NG.L - news) data showed supply was forecast at 197.9 million cubic metres on Friday while demand was seen at 173.7 mcm, meaning the system was 24.2 mcm oversupplied.

The oversupply was despite a reduction in Norwegian gas flows due to planned maintenance at the country's biggest gas field, Troll.

Gas deliveries into Britain's North Morecambe (Barrow) sub-terminal were restarted on Friday morning after being cut to zero by an unexpected outage the previous day.

Gas storage sites in Britain were 18.8 percent full as of Thursday, below the European Union's average of 25.13 percent, data from Gas Infrastructure Europe showed.

This is low for the time of year and could mean prices rise sharply next week as cooler weather at the weekend drives up demand, traders said.

Most parts of Britain will experience warmer-than-average temperatures on Friday but Saturday to Monday will see cooler temperatures, meteorologists forecast.

Further along the curve, gas for delivery next week was down 1.00 pence at 47.50 pence per therm.

In the Netherlands, the day-ahead gas price at the TTF hub was 0.12 euro lower at 22.23 euros per megawatt-hour (MWh).

The benchmark European Union carbon price was broadly unchanged at 7.04 euros a tonne on ICE Futures Europe.

(Reporting by Nerijus Adomaitis in Oslo; editing by Nina Chestney and Jason Neely)