Decline in UK Gas Prices

Gas prices saw a cut down in Britain on Friday owing to a long system, warmer weather and sufficient supply from Europe.

On Monday, gas was 34.75 pence per therm ($5.430 per mmbtu) at 10.38 GMT.

For March, it slipped 0.75 pence to 32.45 pence, while it lost 0.60 pence to 31.25 pence for April.

"There's plenty of gas, it's getting a bit warmer. There's no risk in the market as we have no issues at the moment", one gas trader said.

National Grid data on Thursday revealed that the system was long early on Friday, with Norwegian flows via Langeled back up at 70 million cubic meters (mcm) a day after coming down to around 45 mcm/day.

Flows were pretty strong from Europe, with Dutch flows via the BBL pipeline adding 33 mcm/day and flows from Belgium through the Interconnector rising overnight to 12 mcm/day from zero.

While Britain and Scandinavia were expected to remain cold, temperature forecast for mainland Europe was predicted to be warmer than normal.

Meanwhile, two more liquefied natural gas (LNG) tankers were scheduled for Britain, including the Berge Arzew, and the Celestine River.

Traders said that there was a decrease in power prices owing to decline in gas prices as majority of electricity was being generated from Britain's gas-fired power stations.