* Theddlethorpe back in operation
* Met Office forecasts cooler temperatures
LONDON, July 22 British prompt gas prices fell
on Monday as flows rose following a return to service by an
import terminal, with much of the increased supply expected to
be pumped into storage sites.
Gas for within-day delivery traded at 65
pence per therm, down 1 pence from Friday's settlement. Flows
from UK gasfields gained as the Theddlethorpe terminal ramped up
supply following the end of maintenance and an unplanned outage
The day-ahead delivery contract rose 0.10 pence
to 65.00 pence per therm.
ConocoPhillips' Theddlethorpe gas terminal was
processing at a rate of around 10 million cubic metres of
gas/day following the unplanned outage, while Norwegian flows
were broadly steady.
Flows from Britain's gasfields rose to 105 mcm on Monday, up
4 mcm from Friday, although the amount of gas being pumped from
liquefied natural gas terminals fell to 12 mcm from almost 16
mcm on Friday.
"Given the increased supply (from British gasfields), we
could see net injections from medium-range storage sites today,"
said an analyst with Reuters Point Carbon.
Storage sites were 65 percent full by the end of Friday, up
1 percentage point from the previous day, according to data from
Gas Infrastructure Europe.
The UK gas market was slightly oversupplied at 155 million
cubic metres per day, compared with forecast demand of 154.2
mcm, National Grid data showed.
Britain's Met Office maintained its forecast that
temperatures would drop towards 25 degrees Celsius later this
week after what is expected to be the hottest day of the year on
Further along the curve, gas prices were largely flat, with
benchmark winter 2013 gas trading at 72.75 pence
per therm, up 0.05 pence from Friday.
Day-ahead baseload power traded at 49.45 pounds per
megawatt-hour, up 0.45 pound on Friday's close.