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UK GAS-Prices dip on lower demand for power generation and heating

Reuters - UK Focus

* Gas system oversupplied by 17 mcm

* Within-day prices fall by 0.53 pence

LONDON, Feb 19 (Reuters) - British wholesale gas prices fell on Friday as strong supply from storage sites and liquefied natural gas (LNG) terminals, and softer demand for power generation and house heating, led to an oversupplied system.

Gas for immediate delivery fell 0.53 pence per therm at 29 p/therm by 0827 GMT. Gas for delivery on Monday eased 0.05 pence to 29.35 p/therm.

Gas demand was forecast to be around 286.4 million cubic metres (mcm) on Friday, while supplies were seen to be at around 303.6 mcm/day, leaving the system oversupplied by around 17 mcm, National Grid (Amsterdam: NG8.AS - news) data shows.

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Traders said gas demand for power generation softened due to more output from coal power plants, while household demand eased due to milder temperatures.

Flows from the South Hook LNG terminal edged slightly higher to around 42 mcm/day on Friday.

Withdrawals from Britain's largest storage facility Rough jumped to 33 mcm/day from around 25 mcm/day on Thursday, National Grid data showed.

Gas demand for heating was expected to decrease further over the weekend as temperatures become milder.

Maximum temperatures in London and South East England are expected to rise to 12 degrees Celsius on Saturday (Shenzhen: 002291.SZ - news) from 8 degrees on Friday, Britain's Met Office said.

Further along the UK gas curve, the Summer 2016 contract rose 0.20 pence to 27.80 p/therm.

In the Netherlands, the March gas price at the TTF hub was down by 0.15 euros at 12.20 euros per megawatt-hour.

In the European carbon market, front-year EU allowances were up by 0.14 euros at 5.40 euros a tonne. (Reporting by Nina Chestney and Oleg Vukmanovic, editing by Nerijus Adomaitis)