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UK GAS-Gas prices down on ample supply, milder temperatures

Reuters - UK Focus

* Norwegian supply strong

* Temperatures seen above normal next week

* Gazprom halts supply to Ukraine

LONDON, Nov 25 (Reuters) - British gas prices were slightly lower on Wednesday morning on ample supply and milder weather forecast for next week.

Gas for immediate delivery was down 0.05 pence at 37.05 p/therm at 0922 GMT, while gas for next-day delivery was down 0.2 pence at 37 pence per therm.

Norwegian supply is strong at around 120 million cubic metres (mcm) per day and send-out from liquefied natural gas (LNG) terminals is healthy. However, temperatures next week are expected to be a couple of degrees above normal, which should dampen demand for heating.

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"There will be oversupply of gas and a need for injection into storage from Friday, over the weekend and next week," Thomson Reuters Point Carbon analyst Bjorn Brochmann said.

Consultancy Energy Aspects said that gas demand should be bearish for another two weeks because heating demand will be lower.

Analysts there said they expect prices to trade between fuel switching prices of 33.9 pence/therm and 38.9 pence/therm.

Britain's gas demand on Wednesday was forecast to be 292.2 mcm and flows were expected at 288.8 mcm/day, according to National Grid (LSE: NG.L - news) data, meaning a system slightly undersupplied by 3.4 mcm.

prices rose further along the curve, with gas for delivery in January up 0.1 pence to 38.05 pence/therm.

Russia's Gazprom said on Wednesday that it was halting gas supplies to Ukraine until it received an upfront payment and that it sees serious risks to gas transit to Europe via Ukraine because of the stoppage.

UK prices rose slightly in early trade as the Russian warning was taken as a bullish signal, traders said, but the move was short-lived.

Ukraine's gas storage sites are 53 percent full, according to Gas Infrastructure Europe, and Ukraine has been buying gas from Europe.

In the Netherlands, the day-ahead gas price at the TTF hub was down 0.28 euros to 17.42 euros per megawatt-hour.

In Europe's carbon market, the front-year EU Allowance price edged down by 0.01 euros to 8.64 euros a tonne. (Reporting by Nina Chestney; Editing by David Goodman)