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UK GAS-Prompt prices fall on warm weather, next season firms on oil

Reuters - UK Focus

* British gas system oversupplied by 16 mcm/day

* Oil price rise by 5 percent to over $30/barrel

Jan 22 (Reuters) - Prompt British gas prices fell on Friday on an oversupplied system and an outlook for milder weather while surge in oil prices lifted longer-term gas contracts.

Gas for immediate delivery fell 0.35 pence, or 1.17 percent, to 29.65 pence per therm by 0900 GMT while the day-ahead contract remained unchanged at 29.80 pence/therm.

"There is a mild weather pattern approaching the continent, with consumption forecast to fall significantly over the weekend and into next week," said Oliver Sanderson, a gas market analyst at Thomson Reuters Point Carbon.

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"This weather front has already arrived in the UK and is the key reason why the NBP (national balancing point) near curve was down yesterday and why the near curve premium to the mid curve tightened yesterday," he said.

Britain's gas system was oversupplied by 16 million cubic metres per day (mcm/day) with demand forecast at 306 mcm/day and supply at 322 mcm/day, National Grid (LSE: NG.L - news) data showed.

Imports from Norway were steady with flows via the Langeled pipeline running at about 70 mcm/day. Outages at Norway's Kaarstoe gas processing plant and the Oseberg field ended on Friday morning.

LNG tanker Zarga was due to arrive at the South Hook terminal on Jan. 26 and another tanker, Al Samriya, was potentially heading to Britain.

Benchmark Brent crude oil futures rose 5 percent on Friday to more than $30 a barrel, helping to lift longer-term gas prices.

The British contract for gas delivery next season rose by 2.5 percent to 28.30 pence/therm, while gas for next winter was up by 2.8 percent to 32.80 pence/therm.

Dutch day-ahead gas prices fell 0.08 euro/MWh, or 0.62 percent, to 12.90 euro/MWh.

In the European carbon market, front-year allowances firmed 0.24 euro, or 3.86 percent, to 6.45 euros a tonne. (Reporting by Nerijus Adomaitis in Oslo; editing by David Clarke (Toronto: CKI.TO - news) )