UK GAS-Prompt prices fall as imports from Norway rise
* UK gas market 35.7 mcm oversupplied
* Flows through Langeled rise to over 60 mcm
June 16 (Reuters) - British prompt gas prices fell on Thursday morning as imports from Norway rose, leaving the system oversupplied.
Gas for within-day delivery was at 32.80 pence per therm at 0827 GMT, down 0.80 pence from the previous day's settlement.
Gas for day-ahead delivery fell 0.57 pence to 32.90 pence per therm.
"The increase in Norwegian deliveries via Langeled which results in a very long UK system this morning is the main bearish driver," gas analysts at Thomson Reuters (Dusseldorf: TOC.DU - news) said.
Norwegian imports through Langeled, Britain's main gas import pipeline, were around 65 million cubic metres (mcm), almost near full capacity and up from levels below 30 mcm the previous day, National Grid (LSE: NG.L - news) data showed.
With (Other OTC: WWTH - news) supply flows at 215.3 mcm and demand expected to be 179.6 mcm/day, Britain's gas system was 35.7 mcm oversupplied.
Gas prices further along the curve also slipped due to weaker oil prices, traders said.
The Winter '16 gas contract fell 0.60 pence to 39.30 pence per therm.
Brent crude oil prices hit a fresh four week low below 47.28 a barrel, following a lower-than-expected draw on U.S (Other OTC: UBGXF - news) . stockpiles and amid worries Britain might leave the European Union (EU).
In the Netherlands' gas market, the day-ahead price at the TTF hub was down 0.17 euro at 13.93 euros per megawatt-hour.
In Europe's carbon market, the front-year EU allowance price fell 0.09 euro to 5.82 euros per tonne.
(Reporting by Susanna Twidale; editing by Nina Chestney)