LONDON: Prompt natural gas prices in Britain edged up on Tuesday on forecasts for colder weather despite higher flows from Europe which left the system slightly oversupplied.
Prices for within-day delivery were up 0.30 pence at 51.30 pence per therm at 1000 GMT.
Meteorologists forecast falling temperatures this week.
The gas system was around 5 million cubic metres (mcm) oversupplied, with flows forecast at 241.7 mcm/day and demand at 237.0 mcm, National Grid data showed.
Demand remained well below the seasonal norm of around 275 mcm, while piped supply from Norway was seen up 13 mcm at 113 mcm a day after an unexpected outage at the Kollsnes gas processing plant.
"Langeled is nominated at 60 mcm today, but is flowing stronger at full capacity of 71 mcm. This could be a bearish signal for today if it continues as the market is already well supplied amid slumping consumption going into the holiday period," Thomson Reuters Point Carbon analysts wrote.
The Langeled pipeline is Britain's main subsea gas import route.
Day-ahead TTF gas was up 0.32 euro at 21.85 euros per megawatt-hour.
The January 2015 front-month futures contract was up 0.58 pence at 53.28 pence/therm, while the summer 2015 contract was up 0.35 pence at 49.15 pence/therm.
On Europe's carbon market, benchmark EU Allowances (EUA) were steady, up 0.01 euro at 7.20 euros per tonne.
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