LONDON: Prompt natural gas prices in Britain rose on Monday morning as low imports from Norway left the system undersupplied.
Prices for within-day delivery were trading at 49.60 pence per therm at 0836 GMT, up 0.20 pence since their last settlement. Prices for delivery on Tuesday were up 0.05 pence at 49.40 pence per therm.
With supply flows at about 153.8 million cubic metres (mcm) per day on Monday and demand expected to be about 167.8 mcm, the system was 14 mcm undersupplied, National Grid data showed.
Norwegian imports via Langeled were around 25 mcm/d on Monday morning according to National Grid.
Langeled is Britain's main sub-sea gas import route with a total capacity of around 70 million cubic metres per day (mcm/d).
Further along the curve, gas for delivery in November was 0.35 pence lower at 57.90 pence per therm.
Traders said curve prices have eased after Russian Energy Minister Alexander Novak said Russia, Ukraine and the European Union had preliminarily agreed to hold new talks on resolving a gas-pricing dispute between Russia and Ukraine on Sept. 26.
The share of Russian gas in Europe's overall imports will exceed 64 percent this year and will continue to rise, the chief executive officer of Gazprom said on Friday.
He said that the share of Russian gas in European imports has increased by 17 percent in the past four years.
In Britain's power market, prompt prices edged higher on the back of reduced generation from the country's nuclear power stations.
Prices for day-ahead baseload delivery traded at 44.30 pounds per megawatt hour, up 0.36 pounds.
Britain currently has almost 3,500 MW, around a third of its of nuclear capacity off line
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