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UK GAS-Prices inch up supported by stronger oil, coal – Reuters Africa

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LONDON, Feb 14 (Reuters) – British wholesale gas prices were slightly higher on Thursday morning, even though there is stable supply and reduced demand.

* Day-ahead gas inched up by 0.15 pence to 48.05 p/therm and gas for immediate delivery was 0.25 pence higher at 47.80 p/therm at 0943 GMT.

* “Drivers of the gas market are bearish but stronger coal prices for Q2 and oil are keeping gas supported,” a trader said.

* Oil prices were up nearly 2 percent, supported by hopes of an end to the trade dispute between the United States and China.

* Even though gas prices edged up, the system is 10.4 million cubic metres (mcm) oversupplied. Demand is forecast at around 272.8 mcm and flows at 283.2 mcm/day, National Grid data shows.

* Average temperatures are forecast to rise to 6.4 degrees Celsius on Friday and 8.3C at the weekend from 6.2C on Thursday, Refinitiv Eikon data shows.

* “We expect mild winter weather and above normal temperatures to continue in the next two weeks,” Refinitiv analysts.

* Flows from Norway and send-out of liquefied natural gas (LNG) are generally stable at around 104 mcm/day and 45 mcm/day respectively.

* Strong LNG supply has reduced the need for imports from the continent. Britain expects three LNG tankers by the end of Friday, with two more arrived earlier this week.

* Gas for April delivery was 1.35 pence higher at 47.25 p/therm.

* Day-ahead gas price at the Dutch TTF hub edged up by 0.05 euro to 18.15 euros per megawatt hour.

* The benchmark Dec-19 EU carbon contract is up 0.10euro at 21.04 euros a tonne. (Reporting by Ekaterina Kravtsova; editing by Nina Chestney)