LONDON: Prompt natural gas prices edged lower in Britain on Tuesday morning as solid supply from Norway met strong demand boosted by cooler than usual temperatures.
Prices for within-day delivery were trading at 50.40 pence per therm at 0950 GMT, down 1.60 pence since their last settlement.
Prices for delivery on Wednesday were 1.65 pence lower at 50.20 pence per therm.
With supply flows at about 311.5 million cubic metres (mcm) per day on Tuesday and demand expected to be about 310.5 mcm, the system was almost balanced, National Grid data showed.
Tuesday's demand was around 12 percent above the seasonal norm of 279 mcm, the data showed.
However, supply from Norway ensured there is enough gas to meet this demand.
Norwegian imports via the Langeled pipeline, Britain's main sub-sea gas import route, were near full capacity at 70 mcm/d on Monday morning, National Grid data showed.
Gas demand in Britain for heating and power generation has been high over the past few days due to cold weather but forecasts show temperatures are likely to rise towards the end of the week.
A forecast from Britain's Met Office showed temperatures were likely to reach 6 degrees on Wednesday and up to 10 degrees on Thursday, compared temperatures on Monday and Tuesday of -1 to 4 degrees.
Further along the curve, the first-quarter 2015 gas contract was 1.26 pence lower at 50.45 pence per therm.
In the Netherlands, the day-ahead gas price at the TTF hub was 0.65 euros lower at 21.25 euros per megawatt-hour (MWh).
The benchmark European Union carbon price dipped 0.08 euros to 7.26 euros a tonne on ICE Futures Europe.
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