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UK GAS-Gas prices fall on Brent crude downturn, expected LNG arrivals

Reuters - UK Focus

June 22 (Reuters) - British wholesale gas prices fell on Thursday morning following Brent crude oil losses and ahead of liquefied natural gas (LNG) arrivals, traders said, despite the undersupplied system and the lower Norway gas flows.

* The British within-day gas price was down by 0.95 pence at 35.35 pence/therm at 0916 GMT.

* The day-ahead gas price fell by 0.85 pence to 34.65 pence/therm.

* Britain's gas system was undersupplied by 1.9 million cubic metres (mcm), with demand forecast at 166.6 mcm and flows at 164.7 mcm/day, National Grid (LSE: NG.L - news) data showed.

* "Most forward contracts have lost value due to steep losses in Brent crude oil yesterday," said a British gas trader, adding that although the prompt is down, it is still supported.

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* A second trader said expected LNG arrivals in the coming weeks had a declining effect in curve gas prices.

* Two unplanned outages at the Gjoea and Visund gas fields cut Norwegian production, operator Gassco said.

* Thursday's gas imports to Britain from Norway were lower by 12 mcm from the previous day.

* Through the Langeled pipeline flows were around 22 mcm, the same low levels as on Wednesday. The Entry SEAGAL pipeline flows were lower from Wednesday by 10 mcm at 9 mcm, affected by the Gjoea field outage.

* Maintenance at Britain's Laggan Tormore gas field, from June 17-24, cut UK domestic gas output.

* Peak wind power generation is forecast at 3.2 gigawatts (GW) on Thursday and is expected to grow to 7.1 GW on Friday, National Grid data showed.

* Wind power met about 7.1 percent of Britain’s electricity demand on Thursday morning, while gas-fired plants provided more than 54 percent, the data showed.

* The British wholesale day-ahead electricity price was down by 3.25 pounds at 38.00 pounds per megawatt hour (MWh)

* The July gas contract fell by 0.35 pence to 35.30 p/therm.

* Day-ahead gas at the Dutch TTF hub was down by 0.43 euros at 14.95 euros/MWh.

* The benchmark Dec (Shanghai: 600875.SS - news) -17 EU carbon contract fell by 0.03 euros to 4.85 euros a tonne.

* Thomson Reuters (Dusseldorf: TOC.DU - news) analyst view: http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas (Reporting by Lefteris Karagiannopoulos in Oslo; Editing by Elaine Hardcastle)