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UK GAS-Prices ease on early Kollsnes restart, lower exports

Reuters - UK Focus

Sept 18 (Reuters) - British prompt gas prices fell on Friday as exports to Belgium eased and Norway's Kollsnes gas processing plant came back from maintenance a day early.

Gas for within-day delivery was 0.9 pence lower at 41.10 pence per therm, while prices for day-ahead delivery were down 0.4 pence at 41.05 pence/therm at 0920 GMT.

Though the UK's supply network was undersupplied by about 4 million cubic metres (mcm) per day with demand pegged at 191.4 mcm, the restart of Norway's Kollsnes processing platform on Friday morning after a partial shutdown should result in more supply coming to Britain. The plant was initially expected to restart on Saturday.

Production from Norway's biggest gas field Troll is forecast to climb 20 mcm/day to 100 mcm/day after the Kollsnes restart.

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And while imports via the Langeled pipeline, Britain's main sub-sea import route, fell overnight by 11 mcm to 43.81 mcm/day, analysts at Thomson Reuters Point Carbon said that exports to Belgium via the UK Interconnector pipeline on Friday were estimated 30 mcm/day, 3 mcm lower than the previous day.

Forward, or seasonal, gas contract prices bounced back from opening losses.

"The curve opened softer this morning, taking direction from a decrease in oil prices. However, a depreciation in the pound against the euro has led to a tick up in contracts to yesterday's close," Marcel Boonaert, head of trading and portfolio at Wingas UK said in a morning note.

The benchmark winter gas price was down only 0.05 pence at 43.4 pence/therm, recovering from a deeper slide earlier.

Brent crude oil slipped on fresh signs that OPEC will continue to value market share over prices. Brent was down 38 cents at $48.70 a barrel.

In the Netherlands, the day-ahead gas price at the TTF hub was down 0.18 euros at 18.92 euros per megawatt-hour.

The benchmark European Union carbon price slipped 0.04 euros to 8.20 euros a tonne on ICE Futures Europe. (Reporting by Oleg Vukmanovic in Milan; Additional reporting by Nerijus Adomaitis in Oslo; Editing by David Goodman)