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UK GAS-Prompt prices edge lower as exports dip

* Gas market 3.7 mcm/d oversupplied

* Flows at zero at North Morecambe terminal until Aug. 1

July 26 (Reuters) - Prompt British gas prices edged lower on Tuesday as exports dipped leading to a slightly oversupplied domestic market.

Gas for day-ahead delivery was at 36.55 pence per therm at 0850 GMT, down 0.35 p/therm from Monday's close.

Gas for within-day delivery slipped by 0.50 p to 36.55 p/therm.

With supply flows at 173.9 million cubic metres/day (mcm) and demand expected to be 170.2 mcm/day, Britain's gas system was slightly oversupplied, National Grid (LSE: NG.L - news) data showed.

"The prompt has settled higher for the past five sessions. Today we are seeing a reduction due to the sharp cut in exports with UKCS (UK Continental Shelf) cutting production," said Wayne Bryan, analyst at consultancy Alfa Energy.

An unplanned outage at Centrica (LSE: CNA.L - news) 's North Morecambe gas terminal has cut gas flows to zero from 7.7 mcm/day and the plant is scheduled to return to operation on Aug. 1.

Thomson Reuters (Dusseldorf: TOC.DU - news) gas analyst Oliver Sanderson said high levels of storage inventories in continental Europe meant there was less demand for exports from Britain.

Sanderson said exports from Britain to Europe through the InterconnectorUK to Belgium were expected to be 31 mcm, down from 48 mcm on Monday.

Further out on the curve, the Winter '16 contract slipped 0.25 p/therm to 45.10 p/therm.

In Europe's carbon market, the front-year EU allowance price was down 0.05 euro at 4.55 euros per tonne.

In the Netherlands, the day-ahead price at the TTF hub was down 0.15 euro at 14.48 euros per megawatt-hour. (Reporting by Susanna Twidale; editing by Nina Chestney)

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