UK GAS-Prices down on increased supplies from Norway, LNG
(Reuters) - British wholesale gas prices fell as increased supplies from Norway and strong liquefied natural gas (LNG) imports oversupplied the system.
Within-day gas plunged by 7.75 pence to 59.00 pence per therm at 0939 GMT, its lowest level since August.
Day-ahead gas fell by 3.70 pence to 63.50 pence/therm. An increase in gas supplies in both piped flows from Norway and LNG imports oversupplied the system and pushed prices lower, traders said.
Norwegian gas flows to Britain rose to 115 million cubic metres (mcm) per day from 104 mcm/day on Friday, as gas through the Vesterled pipeline doubled.
Britain received one LNG vessel on Saturday and expects four more by the end of the month.
As a result, the system is oversupplied. Demand is forecast at 272.6 mcm and flows at 304.3 mcm/day, National Grid data shows.
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