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UK GAS-Prices decline on oversupply

Reuters - UK Focus

March 23 (Reuters) - British wholesale gas prices fell on Friday as strong imports from Belgium and withdrawals from underground storage sites contributed to oversupply.

* Day-ahead gas fell by 0.40 pence to 53.60 pence per therm at 1024 GMT.

* Within-day gas was down 1.25 pence at 53.55 p/therm.

* The price decline reflects oversupply as well as a pick-up in liquefied natural gas (LNG) deliveries scheduled for Britain this month.

* This could lead to higher-than-expected flows from LNG terminals in April, dampening the impact of colder weather next week, analysts and traders said.

* Britain's gas system was oversupplied by 6.2 million cubic metres/day (mcm) with demand forecast at 257.8 mcm with flows at 264 mcm/day, National Grid (LSE: NG.L - news) data showed.

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* Gas supply from Norway to Britain on Thursday was flowing at 115 mcm/day, 2 mcm higher than Thursday.

* Two LNG tankers are scheduled to unload in Britain next week on top of three that have already arrived, although one of those three only deposited a fraction of its cargo.

* With Asian spot LNG prices falling, more shipments could arrive in Britain and north-west Europe as producers lose the incentive to divert supply east, traders said.

* Temperatures for Monday were revised lower but commercial and residential demand for gas next week was overall little changed, weather and demand forecast data showed.

* Average daily temperatures in Britain are seen at about 7.5 degrees Celsius on Friday, falling to around 5.4 degrees on Monday and averaging around 5 degrees next week, Thomson Reuters (Dusseldorf: TOC.DU - news) Eikon data shows.

* The April contract fell by 0.60 pence to 49 pence/therm.

* Day-ahead gas at the Dutch TTF hub was down 0.52 euros at 20.13 euros per megawatt-hour.

* The benchmark Dec (Shanghai: 600875.SS - news) -18 EU carbon contract dipped by 0.09 euros to 12.43 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 Nina Chestney)