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UK GAS-Prices slip as supplies recover, cold snap ends
March 7 (Reuters) - Prices for British wholesale gas slipped on Wednesday as supplies recovered after last week's minor outages which coincided with freezing temperatures, stretching flows to the market.
* Within-day gas was down 0.3 pence, or 0.6 percent, at 52.70 pence per therm (p/therm) by 1010 GMT.
* Day-ahead gas rose 0.75 pence, or 1.42 percent, to 53.50 p/therm.
* The system was oversupplied early on Monday by 34.7 million cubic metres (mcm), National Grid (LSE: NG.L - news) physical supplies data showed at 0900 GMT, and was expected to be oversupplied by 18.4 mcm for the day, according to its forecast data.
* At 308.5 mcm, demand for the day is about 5 percent higher than the season norm.
* Expected withdrawal from British storage sites was at 40 mcm compared to 32 mcm on Tuesday.
* "UKCS flows continue to resume after issues at Forties Pipeline last week ... There is still potential for increase in flows into St. Fergus Mobile; flows here stabilized at 14 mcm/d compared to normal for this time of the year of around 18-20 mcm/d," Thomson Reuters (Dusseldorf: TOC.DU - news) gas analysts said in a note, referring to gas terminals in Scotland.
* Flows from the UK's central sea region rose to 159 mcm per day from 154 mcm/d on Tuesday and imports from the continent rose along the BBL (Shenzhen: 002776.SZ - news) interconnector from the Netherlands to 20 mcm from 16 mcm the day before.
* Norwegian flows to the UK are stable at 131 mcm/day compared to 130 mcm the previous day.
* UK gas demand stood at 308.5 mcm at 1000 GMT, compared with forecast supply of 326.9 mcm, National Grid data showed.
* The April contract rose 0.2 pence to 48.15 p/therm.
* Prompt prices hit quadrupled last week, hitting their highest in over 10 years, during a cold snap that paralysed parts of Britain and prompted a warning from the National Grid of potential temporary shortages.
* Two LNG vessels are expected to reach the UK in March after another arrived earlier this week.
* The three arrivals are an increase from January and February but supplies are still far below the same time in the past three years when between nine and 11 vessels discharged in March.
* Day-ahead gas at the Dutch TTF hub rose 0.13 euro at 19.73 euros per megawatt-hour.
* The benchmark Dec (Shanghai: 600875.SS - news) -18 EU carbon contract slipped 0.04 euro to 10.43 euros a tonne.
* Thomson Reuters analyst view: http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas. (Reporting by Sabina Zawadzki Editing by Keith Weir)
