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UK GAS-Prices fall on high storage levels, ample supply

Reuters - UK Focus

LONDON, June 25 (Reuters) - British wholesale gas prices dropped on Tuesday due to continued high storage levels and supply.

* UK day-ahead gas price fell by 0.78 pence to 26.30 pence per therm by 0840 GMT.

* Within-day gas price dropped by 1.60 pence to 26.40 p per therm.

* Gas traders said the price drop on Tuesday was largely due to a continuation of a bearish factors in Europe weighing on the market, mainly high storage levels and strong supply.

* Norwegian flows to Britain are expected to increase next week due to the end of maintenance at the Troll gas field.

* On Tuesday, however, Britain's total imports from Norway are expected at 72 million cubic metres (mcm), a drop of around 10 mcm from Monday. This is due to gas through the Langeled pipeline being rerouted to continental Europe.

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* UK gas system was 4.9 mcm undersupplied, with demand expected at 179.7 mcm and supply at 174.8 mcm, National Grid data showed.

* Re-routing to continental Europe has been limited, however, as UK gas for day-ahead delivery is more expensive than the Dutch gas price.

* "With storage in northwest Europe approaching full capacity (Dutch gas) trades below (UK gas) in attempt to limit supply to the Continent," said Refinitiv gas analyst Marina Tsygankova.

* The premium of UK day-ahead gas has also led to a drop in exports from Britain to Belgium via the InterconnectorUK pipeline to 19 mcm/day on Tuesday from 25 mcm/day on Monday.

* Wind generation in Britain is forecast to rise slightly to 4.4 gigawatts (GW) on Wednesday from 4 GW on Tuesday, Elexon data shows. Total UK wind capacity is 12.1 GW.

* Further along the curve, prices also dropped.

* July contract fell by 0.65 p to 25.75 p/therm.

* Day-ahead gas price at the Dutch TTF hub down 0.20 euro at 9.60 euros per megawatt hour (MWh). TTF July contract fell by 0.20 euro/MWh to 9.80 euros/MWh.

* Benchmark Dec-19 EU carbon contract was down 0.27 euro at 26.10 euros per tonne, after a strong rise on Monday. (Reporting by Ekaterina Kravtsova; editing by Nina Chestney)