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UK GAS-Prompt prices rise as Norwegian imports dip

Reuters - UK Focus

* Imports through Langeled drop

* Flows through Bacton SEAL remain lower

* Market 11.4 mcm undersupplied

LONDON, Sept 23 (Reuters) - British spot gas prices rose on Wednesday morning as lower imports from Norway and an outage at British gas terminal contributed to an undersupplied system.

Gas for within day delivery was at 41.60 pence per therm at 0738 GMT, up 0.95 pence since their last settlement.

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Gas for delivery on Thursday was up 0.60 pence at 41.40 pence per therm.

With supply flows at about 197 million cubic metres (mcm) per day on Wednesday and demand expected to be about 208.4 mcm, the system was 11.4 mcm undersupplied, National Grid (LSE: NG.L - news) data showed.

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Imports from Norway via the Langeled pipeline, Britain's main sub-sea gas import route, were below 40 mcm on Wednesday morning, National Grid data showed, down from levels around 45 mcm over the previous day.

Analysts at Thomson Reuters Point Carbon said flows from Norway to Britain could fall further on Thursday due to maintenance at Norway's Karsto processing plant.

"Though the maintenance is expected to impact the Continent the most in terms of flows, Langeled is forecast to adjust downward," the analysts said in a research note.

Flows at Britain's Bacton SEAL gas terminal were also lower on Wednesday after an unplanned outage cut flows by 9 mcm/day on Tuesday evening.

Terminal operator Total E&P, said flows would begin ramping up from 1200 GMT on Wednesday.

Flows through the terminal were around 6 mcm on Wednesday morning, down from 15 mcm/day prior to the outage, National Grid data showed.

Gas prices further along the curve also edged higher, with the Winter 15 contract up 0.35 pence at 43.05 pence per therm.

In the Netherlands, the day-ahead gas price at the TTF hub was 0.15 euros higher at 19.23 euros per megawatt-hour (MWh).

In Europe's carbon market the front-year EU Allowance (EUA) price rose 0.05 euros to 8.08 euros per tonne. (Reporting by Susanna Twidale, editing by William Hardy)