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UK GAS-Within-day price slips, prompt and forward contracts gain

Reuters - UK Focus

March 29 (Reuters) - British within-day gas prices fell on Wednesday in response to lower demand for gas to heat homes and produce electricity, and the early return of flows through the Theddlethorpe terminal.

* Within-day contract down by 0.25 pence to 38.75 pence per therm at 0849 GMT. Other prompt and forward contracts notched gains.

* Traders said lower imports from Norway and the Netherlands tightened supplies, supporting contracts further out, even as weak demand and mild weather weighed on the within-day price.

* Imports from Norway through the Langeled pipeline stayed below 60 million cubic metres (mcm) and dipped to as low as 57 mcm overnight, down from over 70 mcm on Monday.

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* Flows from Britain's Bacton Seal were expected to resume flows on Thursday following an outage.

* System undersupplied by 8 mcm, with demand forecast at 226.7 mcm, and flows at 218.7 mcm/day, National Grid (LSE: NG.L - news) data shows.

* Gas deliveries from the Theddlethrope terminal returned early after a planned maintenance, currently flowing 5 mcm/day.

* ConocoPhillips (NYSE: COP - news) ' S-Area gas fields are shut until Thursday, St Fergus Mobil flows have stepped 2 mcm/day lower since Friday, and flows into Barrow terminal are due to return on May 1.

* British day-ahead gas price traded 0.10 pence higher at 38.60 p/therm.

* Two new liquefied natural gas (LNG) tankers are due to arrive in north west Europe. The Bu Samra is to unload at the UK's Isle of Grain terminal on April 9; the Al Oraiq will unload in Belgium on April 15.

* April gas contract up by 0.35 pence to 39.15 p/therm, while the Summer 17 contract up by 0.30 pence to 39.30 p/therm.

* Day-ahead gas price at the Dutch TTF hub up by 0.30 euro to 14.90 euros per megawatt hour.

* Benchmark Dec-17 EU carbon contract up by 0.04 euro to 4.70 euros per tonne.

* Thomson Reuters (Dusseldorf: TOC.DU - news) analyst view: http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas (Reporting by Oleg Vukmanovic in Milan; Editing by Edmund Blair)