UK GAS-Prompt prices edge lower on oversupply

LONDON, Aug 12 (Reuters) - Prompt British wholesale gas
prices edged lower on Thursday morning as a ramp up in imports
from Norway and weaker demand for gas from power stations left
the market oversupplied.

* The within-day contract was down 2.00 pence at 110.00
p/therm by
0838 GMT.

* The day-ahead contract was down 1.45 p at
110.50
p/therm.

* Expectations of strong output from the country’s wind
farms
curbed gas demand from the power sector.

* Analysts at Refinitiv forecast gas for power demand at 22
million cubic metres (mcm) for Thursday and 18 mcm for Friday,
down 8 mcm and 5 mcm respectively on previous forecasts.

* Peak wind power generation is forecast at 10 gigawatts
(GW) on
Thursday and 11 GW on Friday, Elexon data showed.

* Imports from Norway through the Langeled pipeline were
expected
at 49 mcm, up 9 from the previous day as the impact of some
supply outages in Norway eased.

* Britain’s gas system was oversupplied with demand forecast
at
139.9 mcm/day and flows at 155.5 mcm/day, National Grid data
showed.

* Despite Thursday’s dip British and Dutch gas prices are
still
trading near record highs and the ongoing supply fears help buoy
curve prices.

* “Gas prices are still supported by a general bullish
fundamental
landscape this summer with record low storage stocks and
particularly slow LNG cargo arrivals,” analysts at Refinitiv
said in a daily research note.

* The British Winter 2021 contract rose 5.70
pence to
115.20 p/therm.

* The day-ahead gas price at the Dutch TTF hub
was
down 0.77 euro at 45.43 per megawatt hour.

* The benchmark Dec-21 EU carbon contract was down
0.38
euro at 57.40 euros per tonne.

* The benchmark Dec-21 British carbon contract was
down
0.40 pounds at 48.65 pounds per tonne.
(Reporting By Susanna Twidale; editing by Barbara Lewis)