Monday, 30 March 2015 16:35
LONDON: Prompt natural gas prices in Britain were mostly lower on Monday morning as increased flows from domestic production and from Norway resulted in oversupply.
Gas prices for immediate delivery were down by 0.75 pence to 47.40 pence per therm at 0735 GMT.
National Grid data showed the system was expected to be around 8 million cubic metres (mcm) oversupplied, with supply flows at around 256 mcm per day and demand forecast at around 248 mcm.
Flows from Norway through the Langeled pipeline have increased by around 20 mcm/day to near maximum capacity of 70 mcm/day.
UK Continental Shelf supply is also 10 mcm higher from Friday at 133 mcm/day as flows resumed through Bacton Seal gas terminal over the weekend following an outage last week.
Windy and unsettled conditions are expected this week, but drier weather and daytime temperatures between 7 and 10 degrees Celsius are forecast for the weekend.
Prices for day-ahead delivery edged up by 0.10 pence to 47.35 pence per therm, while the April gas contract was down 0.15 pence at 48.10 pence per therm.
The summer gas season starts on April 1.
In the Netherlands, gas prices for May at the TTF hub declined by 0.05 euros to 21.55 euros per megawatt hour.
The benchmark European Union carbon price edged up by 3 euro cents to 6.84 euros per tonne on ICE Futures Europe.
Copyright Reuters, 2015
