LONDON: British gas prices rose on Thursday morning as the system opened slightly undersupplied.
Gas for delivery the next day was trading around 64.65 pence per therm at 0845 GMT, up 0.5 pence since Wednesday morning. Prices for delivery within the day also rose 0.5 pence, to 64.50 pence.
Traders said the firm prices resulted from ongoing Norwegian maintenance, with the restart of the Kollsnes processing plant having been pushed back to Aug. 24.
Britain's gas demand on Thursday was expected to be 148 million cubic metres, almost 40 percent below the seasonal norm. But with flows seen at only 145.4 mcm, the system would still be 2.6 mcm undersupplied, according to National Grid data.
The firmer spot market also fed further into the curve, where prices for delivery next winter gained 0.4 pence a therm between Wednesday and Thursday to 70.40 pence.
In Britain's power market, prices for baseload (24 hours) next-day delivery rose 0.15 pound per megawatt-hour to 47 pounds.
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