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UK GAS-Prompt prices rise on undersupply, curve buoyed by oil

Reuters - UK Focus

* Market undersupplied by 9 mcm

* Oil gains lift curve prices

LONDON, Jan 28 (Reuters) - British spot gas prices rose on Thursday morning as low imports from Norway and the Netherlands contributed to an undersupplied system, while curve gas prices drew support from the previous day's gains in the oil market.

Gas for within-day delivery fetched 31.70 pence per therm at 0923 GMT, up 1.2 pence from the last settlement.

Gas for day-ahead delivery rose 0.90 pence to 31.60 pence per therm.

Traders said low imports of gas had combined with strong demand from gas-fired plants to leave the market short.

With (Other OTC: WWTH - news) supply flows at about 271.3 million cubic metres (mcm) and demand expected to be 280.3 mcm, Britain's gas system was 9 mcm undersupplied, National Grid (LSE: NG.L - news) data showed.

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Norwegian imports to Britain through the Langeled pipeline were around 50 mcm on Thursday, compared with full capacity of around 70 mcm per day.

Imports from the Netherlands through the BBL pipeline were around 19 mcm on Thursday morning, down from around 23 mcm on Wednesday.

Gas-fired power plants provided almost 40 percent of Britain's electricity on Thursday morning.

Further out on the curve gas prices also rose, with the Winter 16 contract up 1 pence at 35.30 pence per therm.

Curve gas prices were boosted by oil's late-Wednesday rally, with Brent crude rising after Russia indicated there was a possibility of cooperation with OPEC, fanning hopes for a deal to reduce a global oversupply.

Brent gained a further 74 cents on Thursday morning.

In the Netherlands, the day-ahead gas price at the TTF hub rose 0.3 euro to 13.70 euros per megawatt-hour.

In Europe's carbon market, the front-year EU Allowance price rose 0.05 euro to 5.98 euros per tonne. (Reporting by Susanna Twidale; Editing by Dale Hudson)