UK GAS-Prices fall as Norwegian imports boost supply


UK GAS-Prices fall as Norwegian imports boost supply

British wholesale gas prices fell on Wednesday morning as a ramp up in imports from Norway contributed to an oversupplied system.

* Within-day gas price down 2.20 pence at 32.40 p/therm by 0924 GMT.

* Day-ahead gas price down 1.40 pence at 32.60 pence per therm.

* Traders said a significant rise in imports from Norway through the Langeled pipeline and expected strong supply from liquified natural gas (LNG) tankers had sent prices lower.

* Gas system oversupplied by 25 million cubic meters (mcm) with demand forecast at 238.2 mcm and flows at 263.2 mcm/day, National Grid data shows.

* “Total Norwegian exports are at 317 mcm this morning, up around 30 mcm from yesterday. This can only be due to more production from Troll (field),” analysts Refinitiv said in a daily research note.

* Norwegian imports to Britain via the Langeled pipeline were around 52 mcm, up from around 20 mcm the previous day.

* Six LNG tankers are expected arrive in Britain over the next seven days.

* June contract down 1.05 p at 32.45 p/therm.

* Day-ahead gas price at the Dutch TTF hub down 0.15 euro at 15.55 euros per megawatt hour.

* Benchmark Dec-19 EU carbon contract down 0.37 euro at 25.92 euros per tonne.

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