LONDON: British wholesale natural gas prices fell on Thursday morning in reaction to an oversupplied system and after the duration and volume impact of Norwegian gas field outage was reduced.
Prices for next-day delivery fell by 0.55 pence to 54.50 pence per therm at 0840 GMT, while within-day gas was also down 0.55 pence at 54.35 pence per therm.
The UK gas system was around 13 million cubic metres oversupplied on Thursday, with flows forecast at 304.7 mcm/day and demand at 291.8 mcm, according to National Grid data.
Flows from domestic production, Norway and the Netherlands were little changed from Wednesday's levels.
On Wednesday, day-ahead UK gas rose in anticipation that maintenance on the Norwegian Continental Shelf would reduce supplies from Norway.
However, gas system operator Gassco said Norway's daily gas output rate is being cut by 7 mcm on Thursday, instead of the previously planned 16 mcm/day, due to a shorter period of maintenance work.
The work at an unidentified gas field is now expected to last for 12 hours, starting at 1700 GMT on Thursday, instead of 24 hours and starting at 0500 GMT the same day.
In the Dutch market, day-ahead TTF gas was down 0.12 euros at 22.78 euros per megawatt hour, as gas consumption in north-west Europe has continued to decrease this week.
In Europe's carbon market, benchmark EU Allowances (EUA) were down 0.04 euro at 6.60 euros per tonne.
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