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UK GAS-Cooler weather forecast lifts prompt prices

Reuters - UK Focus

LONDON, Nov 9 (Reuters) - British wholesale gas prices rose on Thursday on a colder weather forecast over the next 15 days and higher exports to Belgium, tightening supply outlooks. * Day-ahead gas rose by 0.50 pence to 51.90 pence per therm by 1015 GMT. * Within-day gas was up 0.45 pence at 52 pence per therm. * The latest weather forecasts suggest colder weather over the next 15-day period, providing a bullish signal to prompt contracts, analysts at Thomson Reuters (Dusseldorf: TOC.DU - news) said. * Average temperatures on Thursday could reach 8 degrees Celsius in Britain and are expected to slide toward 6 degrees over the weekend, weather data shows. * "From Monday, the weather is pretty bullish," one analyst said. "There are not many mild days in the 15-day forecast." * The December contract was up by 0.54 pence at 54.59 pence/therm. * In Britain, ongoing planned outages at Britain's Sizewell B-1 and Sizewell B-2 nuclear reactors contributed to the call on gas. * Exports to Belgium through the Interconnector UK pipeline link climbed to 11 million cubic metres/day (mcm/day) from 3 mcm/day on Wednesday. * Britain's gas market stayed oversupplied by 8.4 mcm/day, however, with demand at 2657 mcm and supply at 273.4 mcm, National Grid (LSE: NG.L - news) data showed. * Norwegian gas deliveries to Britain rose 3 mcm to 131 mcm/day. * On the forward curve, the summer 2018 contract gained 0.45 pence to 44.85 pence per therm. * In the Dutch gas market, the day-ahead gas price at the TTF hub rose by 0.20 euro to 19.50 euros per megawatt hour (MWh). * European Union negotiators agreed to a compromise on carbon market reforms on Thursday, with the bloc keen for a deal this week to show leadership at U.N. climate talks in Bonn. * The benchmark Dec (Shanghai: 600875.SS - news) -17 EU carbon contract rose by 0.07 euro to 7.79 euros a tonne. * Thomson Reuters analyst view: http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas (Reporting by Oleg Vukmanovic, Editing by Edmund Blair)