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UK GAS-Prompt prices tumble on weather outlook and supply rebound
March 2 (Reuters) - British wholesale gas prompt prices fell as much as 63 percent on Friday morning as forecasts for milder weather eased supply fears and National Grid (LSE: NG.L - news) said it should have sufficient gas.
* Day-ahead gas fell by 146 pence, or 63.5 percent, to 84 pence per therm by 0959 GMT.
* Within-day gas was down 65 pence at 185 p/therm.
* Prompt prices hit their highest in more than 10 years on Thursday after National Grid warned of potential gas shortage. The warning was withdrawn on Friday morning, with National Grid saying supplies had increased over the past 24 hours.
* UK gas demand stood at 394 million cubic metres (mcm) at 0959 GMT, still about 25 percent higher than usual for the time of year and only 3.8 mcm higher than the forecast supply of 390.2 mcm.
* A warmer weather outlook and completion of maintenance that had reduced flows from Norway and the North Sea pushed prompt prices lower, traders said.
* "It is getting warmer, much of the maintenance is off and more supplies are coming," one trader said.
* Another trader added: "It remains relatively cold ... so all in all still quite a bullish picture today, but less crazy then yesterday."
* The weekend contract was up 3 pence at 88 p/therm.
* Southern Britain could register average temperatures of 0 degrees Celsius on Friday, rising to 5 degrees on Saturday (Shenzhen: 002291.SZ - news) and as much as 9 degrees on Monday, data from Britain's Met Office showed.
* Gas supply from Norway to Britain on Friday was flowing at 113 mcm/day, the same level as Thursday.
* An outage at Norway's Kollsnes gas processing plant, which had cut capacity by 16 mcm on Thursday, has been resolved, restoring some supply.
* An outage at the Entry SEGAL pipeline system reduced UK import capacity by 18 mcm on Friday morning.
* No LNG vessels are currently scheduled to arrive in Britain.
* Day-ahead gas at the Dutch TTF hub was down 44.85 euros at 31.15 euros per megawatt-hour.
* The benchmark Dec (Shanghai: 600875.SS - news) -18 EU carbon contract was down 0.06 euros at 9.93 euros a tonne.
* Thomson Reuters (Dusseldorf: TOC.DU - news) analyst view: http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas. (Reporting by Lefteris Karagiannopoulos in Oslo, Editing by Susanna Twidale and David Goodman)
