UK GAS-Prices fall with warm weather, high LNG sendout rates
LONDON, May 30 (Reuters) - British wholesale gas prices fell on Thursday, trading at multi-year seasonal lows, as warm weather dampened demand and liquefied natural gas (LNG) sendout levels remained at elevated levels.
* Day-ahead gas price fell 0.5 pence to 28.20 pence per therm by 0815 GMT.
* Gas for immediate delivery dropped 0.75 pence to 28.50 p/therm.
* Both contracts are trading at their lowest point since 2009 for this time of the year.
* Temperature forecasts for Thursday were increased by 3.8 degrees Celsius to 15.7 degrees, far higher than average.
* Sendout from LNG terminals is expected to fall on Thursday to 56 million cubic metres (mcm) but remains far above levels of the same time last year.
* "The prices are going down -- there's just too much LNG," said one gas trader.
* Two more LNG tankers are due to arrive on Sunday but other traders noted lower LNG sendout forecasts just as the weather is expected to turn colder.
* "If more cargoes start coming here then prices have to go down. Otherwise, we might pause a bit here," another gas trader said.
* The system was more or less balanced, with demand forecast at 199.2 mcm and supply seen at 201.9 mcm, according to National Grid data.
* On the supply side, flows from the UK Continental Shelf were 7 mcm lower, due in part to maintenance work at the St Fergus terminal.
* From Norway, gas supplies have increased by 3 mcm to 40 mcm although a number of planned works are ongoing, restricting flows now and throughout June.
* The June contract was 0.3 pence lower at 29.45 pence per therm.
* Day-ahead gas price at the Dutch TTF hub fell 0.1 euro to 11.65 euros per megawatt hour (MWh).
* Benchmark Dec-19 EU carbon contract was 0.01 euro lower at 25.52 euros a tonne. (Reporting by Sabina Zawadzki; Editing by Susan Fenton)