UK GAS-Prices fall on oversupply

LONDON, Oct (Shenzhen: 000069.SZ - news) 27 (Reuters) - British wholesale gas prices fell on Friday as storage sites pumped out more stock and rising Norwegian deliveries left the system oversupplied. * Within-day gas price down by 0.95 pence to 45.30 pence per therm at 0916 GMT. * Day-ahead gas was 0.10 pence lower at 46.00 p/therm. * The gas market was oversupplied by around 16 million cubic metres (mcm) a day, with demand forecast at around 220 mcm and flows at 236 mcm/day, National Grid (LSE: NG.L - news) data shows. * Norwegian deliveries rose by 2 mcm to 80 mcm/day and are expected to increase ahead of the end of maintenance at the Ormen Lange processing plant on Saturday (Shenzhen: 002291.SZ - news) . * Flows through the Langeled pipeline were expected to increase to 50 mcm/day from 37 mcm/day when Ormen Lange resumes service, analysts at Thomson Reuters (Dusseldorf: TOC.DU - news) said. * A trading analyst said the fact that Norwegian flows to Britain were so little disrupted by work at Ormen Lange was an added bearish factor, as traders had expected less supply. * Output from mid-range storage sites also increased. Holford flows rose to 22 mcm/day from zero overnight, with Aldbrough and Stublach also flowing. * UK Continental Shelf output is flat at 146 mcm/day. * Despite weakening prices, market participants said fundamentals were bullish, with local distribution zone demand for Monday revised upward by 27 mcm/day. * The winter 2018 contract was 0.24 p higher at 50.04 p/therm. * In the Dutch gas market, the day-ahead gas price at the TTF hub fell by 0.07 euro to 16.98 euros per megawatt hour (MWh). * The benchmark Dec (Shanghai: 600875.SS - news) -17 EU carbon contract inched up by 0.08 euro to 7.28 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)