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UK GAS-Prompt prices dip on oversupply, warmer weather

Reuters - UK Focus

* Gas system oversupplied by 5.4 mcm

* Friday temperatures could hit 25-26 degrees Celsius

LONDON, June 5 (Reuters) - British prompt gas prices fell on Friday as supply outpaced weak demand caused by warm weather.

Prices for within-day delivery were 43.55 pence per therm at 0820 GMT, down 1.25 pence from their last settlement

With supply flows at about 182.6 million cubic metres (mcm) per day on Friday and demand expected to be about 177.2 mcm, the system was 5.4 mcm oversupplied, National Grid (LSE: NG.L - news) data showed.

Traders said warm weather across Britain forecast for the next few days had reduced demand for gas.

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Temperatures in parts of Britain could reach as high as 25-26 degrees on Friday potentially making it the hottest day of the year so far, Britain's Met Office said in a webcast weather forecast on Friday morning.

Demand for gas from gas-fired power stations was also curbed by forecasts of high output from the country's wind power generators.

Britain's wind farms were expected to generate almost 5 gigawatts (GW) of electricity on Friday rising to 6.3 GW on Saturday, National Grid data showed.

Prices for day-ahead delivery nudged up 0.15 pence to 44.00 pence per therm with temperatures expected to dip to 9-17 degrees Celsius on Monday.

In the Netherlands, the day-ahead gas price at the TTF hub was 0.08 euros lower at 20.17 euros per megawatt-hour (MWh).

Analysts at Energy Aspects said gas Dutch demand is likely to fall year-on-year in the second and third quarters of 2015 due to reduced demand from gas-power plants as coal plants take more of a generation share.

"For Q2 15 and Q3 15, we forecast Dutch demand will be down by 0.6 bcm (billion cubic metres) (-4.7%), which is a bigger reduction than our previous forecast of 0.46 bcm," the analysts said in a research note on Friday.

In Europe's carbon market benchmark front-year carbon price dipped by 0.01 euros to 7.42 euros a tonne on ICE Futures Europe. (Reporting By Susanna Twidale, editing by David Evans)