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UK GAS-Prices rise as Dutch flows stop due to Nord Stream work

Reuters - UK Focus

* Gas for next-day delivery up 4 percent at 40.10 pence per therm

* Flows to Britain through BBL pipeline at zero

* Nord Stream maintenance creates tightness in European markets

LONDON, June 25 (Reuters) - British wholesale natural gas prices rose on Wednesday after Dutch supplies to Britain stopped because continental Europe was short of gas due to maintenance at a pipeline which transports gas from Russia to Germany.

Gas prices for delivery on Thursday rose by 4 percent or 1.65 pence to 40.10 pence per therm at 0735 GMT, while prices for immediate delivery were up 0.75 pence at 39.25 pence per therm.

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Demand was forecast to be 178 million cubic metres (mcm) on Wednesday, 4 mcm above expected flows of 174 mcm, according to National Grid (LSE: NG.L - news) data, meaning the system was slightly undersupplied.

The undersupply was due to a halt in supplies from the Netherlands via the BBL pipeline due to tightness in the continental European market, traders said.

BBL flows stopped on Tuesday morning (Frankfurt: TDM.F - news) and have not yet restarted.

Nord Stream, which transports gas from Russia to Germany, started an 11-day maintenance period on Tuesday which will end on July 4.

That means there is less gas available to supply countries in northwest Europe, including Britain.

However, flows from Norway through the Langeled pipeline were stable at around 15 mcm/day.

On Thursday, the InterconnectorUK will return to service after maintenance and Britain should be able to export gas again. The pipeline has been off line since June 11.

Due to Britain's inability to export gas, there have been more injections into storage facilities. Britain's storage sites are currently 87 percent full, according to Gas Infrastructure Europe.

Further along the curve, the July gas contract was up 0.20 pence at 39.60 pence per therm.

In Britain's power market, prices for day-ahead baseload (24 hours) delivery were 1.45 pounds higher at 36.40 pounds per megawatt hour. (Reporting by Nina Chestney; editing by Jason Neely)