LONDON: Prompt natural gas prices in Britain eased on Thursday, as supply continued to keep pace with strong demand, aided by a rise in flows from Norway.
Prices for next-day delivery eased to 55.75 pence per therm at 0943 GMT, down 0.6 pence from the previous settlement.
Temperatures remained below normal for this time of year, forecast at 4 to 6 degrees Celsius for Friday, and similar levels over the weekend.
The UK gas system was 5 million cubic metres oversupplied, with flows expected to be 327 mcm/day, while demand was 322 mcm, National Grid data showed.
This is above seasonal demand for this time of year, which is pegged at 277 mcm.
"Prompt prices have reduced on the back of the long system despite the ramp up in demand," said Marcel Boonaert, head of trading at gas supply company Wingas UK.
"Increased imports are boosting confidence in supplies and weighing on prices for winter delivery."
Gas flows from Norway's Langeled pipeline had recovered after an outage at Nyhamna gas plant on Wednesday, while flows from Norway's Vesterled pipeline rose.
"There is a surge in Vesterled flows today, which could last as it may be driven by ramping up at flexible gas field Oseberg for the winter," Thomson Reuters Point Carbon analysts said.
Day-ahead TTF gas was down 0.2 euros at 23.38 euros per megawatt hour.
In Europe's carbon market, benchmark EU Allowances (EUA) were down 0.09 euro at 6.80 euros per tonne.
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