LONDON: Wholesale natural gas prices in Britain fell on Thursday as gas flows were more than enough to meet demand with temperatures remaining above seasonal trends.
UK gas for delivery on Friday was 0.45 pence lower at 54.25 pence per therm at 0944 GMT, while gas for immediate delivery was 1.25 pence lower at 53.25 pence per therm.
Flows were expected to be around 226 million cubic metres (mcm) on Thursday, and demand was around 217 mcm, leaving the system around 9 mcm oversupplied, National Grid data showed.
"The UK system opened long this morning, which could be bearish also for the DA (day ahead) contract as we forecast a continued need for storage injections also for DA," Thomson Reuters Point Carbon analyst Anette Einarsen said.
UK Continental Shelf flows have been reduced by ongoing outages at St Fergus gas terminal and North Morecambe gas sub-terminal.
Flows from Norway via the Langeled pipeline, however, were close to capacity at around 70 mcm.
Meteorologists forecast temperatures remaining above seasonal trends, despite expectations of a fall to between 8 and 11 degrees Celsius by the weekend.
"As temperatures turn colder we expect an increase in the Vesterled flows as production at Oseberg ramps up," Einarsen said.
In the Dutch TTF market, the December contract was down 0.13 euros at 22.70 euros per megawatt hour.
In Europe's carbon market, benchmark EU Allowances (EUA) were down 0.05 euros at 6.80 euros a tonne.
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