LONDON: British wholesale gas prices fell on Thursday morning, with gas for immediate delivery at a one-month low, due to oversupply.
Within-day gas price was down nearly 10.5pc to 27.75 pence per therm at 0715 GMT, a level last reached on April 23.
Day-ahead gas price down nearly 4pc at 28.50 p/therm.
"Norwegian supply has gone up - the main reason the market is long," a gas trader said.
Flows from Norway through the Langeled pipeline have increased. Norwegian supply has been re-routed to Britain from continental Europe due to an outage at the Emden gas terminal.
Demand is forecast at 189 million cubic metres (mcm) and supply at 216 mcm/day, leaving the system oversupplied by 27 mcm, National Grid data shows.
Warm temperatures have also dampened demand, traders said.
Peak wind generation is forecast at around 4.8 gigawatts (GW) on Thursday and 4.4 GW on Friday out of a total metered capacity of around 12 GW, Elexon data shows.
Further along the curve, the Winter 2019 contract was 0.30 p lower at 54.50 p/therm.
Day-ahead gas price at the Dutch TTF hub was 0.33 euro lower at 12.60 euros per megawatt hour.
Benchmark Dec-19 EU carbon contract dipped by 0.12 euro to 26.25 euros a tonne.
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