LONDON, Feb 15 (Reuters) - British gas prices edged lower on
Friday as the market was oversupplied at the start of trading,
while demand levels slipped below seasonal norms on milder
weather and weak crude prices weighed on long-term contracts.
Gas for within-day delivery fell 1.65 pence to 67.20 pence
per therm, while day-ahead gas traded at 68.15
pence, down 0.25 pence on Thursday's closing price.
'We've been firm for a while now, it's the first time we've
seen the NBP open long in a few days so that's triggered some
selling,' said one trader at a utility.
The gas market was around 34 million cubic metres per day
(mcm/d) oversupplied with help from steady Norwegian imports and
a rise in gas received from Belgium, National Grid data showed.
At the same time demand levels were pegged at 5 percent
below seasonal averages, adding to bearish pressure on
short-term gas prices that are mainly driven by fluctuations in
Traders said a return to colder weather was expected next
week, which may temporarily give another boost to the short-term
market, but temperature forecasts for March already showed a
milder start to the new month.
March changed hands at 66.65 pence, down 0.45 pence on the
The outlook for liquefied natural gas (LNG) supply to
Britain remained bleak as prices in Asia moved above $20 per
million British thermal units for late March and early April
Only one cargo is currently scheduled to reach Britain
before the end of the month, the 258,000 cubic metre Al Samriya
Britain's benchmark front-season gas price
slipped 0.25 pence to 64.20 pence as Brent crude led bearish
momentum across the energy complex.
Oil fell below $118 per barrel, heading for its first weekly
loss in five following weak euro zone data.
British power prices also traded lower following losses in
the gas market.
Day-ahead baseload power traded at the lowest level in 11
days at 48.30 pounds per megawatt-hour, down 0.90 pence from
(Reporting by Karolin Schaps; Editing by Alison Birrane)
UK natural gas prices
National Grid instant flows
National Grid gas demand
North Sea gas and power maintenance
UK: baseload prices, peakload prices,
FRANCE: baseload prices, peakload prices, outages, report
GERMANY: baseload prices, peakload prices, outages, report
CENTRAL EUROPE: report
SWITZERLAND: outages, reservoir levels
EU CARBON PRICES SPEEDGUIDE:
Keywords: MARKETS BRITAIN GAS/POWER
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