LONDON: British wholesale gas prices fell on Friday morning, erasing some of the gains made earlier this week after carbon prices rallied, due to oversupply and milder temperatures next week.
* Day-ahead gas price down 1.15 pence at 39.25 pence per therm at 0817 GMT.
* Gas for immediate delivery down 1.75 pence at 39.00 p/therm.
* Demand is forecast at 284 million cubic metres (mcm) and flows at nearly 298 mcm/day, leaving the system oversupplied by 14 mcm, National Grid data shows.
* Flows from Norway to Britain are 8 mcm higher from the previous day at 86 mcm/day.
* Temperatures are expected to fall to below the seasonal norm at the weekend but return to normal levels by the beginning of next week.
* "Our outlook for the later part of next week is slightly warmer compared to the previous forecast," Refinitiv gas analysts said.
* Wind power generation is expected to rise over the weekend and be above normal levels next week, which should lower demand from gas-to-power plants.
* Earlier this week prices rose due to a European carbon permit price rally.
* May gas contract down 0.85 p at 38.75 p/therm.
* Day-ahead gas price at the Dutch TTF hub up by 0.12 euro at 16.20 euros per megawatt hour.
* Benchmark Dec-19 EU carbon contract declined by 0.05 euro to 27.27 euros a tonne, a fresh 11-year high.
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