LONDON: British wholesale gas prices rose on Thursday as lower Norwegian gas flows resulted in supply shortages, while other energy prices also gained ground.
Gas for immediate delivery rose by 5.3 percent to 34/75 pence per therm at 1323 GMT, while the day-ahead contract gained 9 percent to 34.90 pence/therm.
Britain's gas system was undersupplied by 17.2 million cubic metres (mcm) per day, with demand forecast at 208 mcm and supply at 187.5 mcm, National Grid data showed.
Gas deliveries from Norway through the Langeled and Vesterled pipelines were lower and UK output from its continental shelf decreased.
Britain's Dragon liquefied natural gas terminal also ceased flows.
Some traders said the gas price was rallying to achieve a premium over European hub prices to prevent exports to Belgium while the system was so undersupplied.
There was also increased buying to encourage withdrawal from storage sites and as trading activity stepped up ahead of the start of the winter gas season on Oct. 1, they added.
In the Netherlands, the day-ahead gas price at the TTF hub was up 0.42 euro at 13.52 euros per megawatt-hour. Prices across the energy mix were also higher.
In Britain's power market, baseload power for two weeks ahead was 22 percent higher at 52.00 pounds per megawatt hour, while the October contract was up 6 percent at 45.06 pounds per megawatt hour.
In the European carbon market, the benchmark contract for delivery in December was 5.7 percent higher at 4.45 euros a tonne.
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