UK GAS-Prices drift lower as Norwegian and domestic output rises

LONDON, June 2 (Reuters) - British wholesale gas prices fell on Friday as higher Norwegian supplies created an oversupplied transmission network. * British within-day gas price down by 0.35 pence to 36.10 pence/t herm at 0945 GMT. * Day-ahead gas price down by 0.20 pence to 36.45 p/therm. * The gas system was oversupplied on increased flows from Norway. Traders said higher forecast output from renewable plants next week is set to curb demand gas in power generation, also putting pressure on prices. * Imports from Norway through the Langeled pipeline were around 38 million cubic metres (mcm), up from 24 mcm on Thursday. * UK Continental Shelf output at 119 million cubic metres/day (mcm), close to maximum levels, excluding the outage limiting flows from the Morecambe Bay gas fields in the Irish Sea, analysts at Thomson Reuters (Dusseldorf: TOC.DU - news) said. * The transmission system was oversupplied by 2.5 mcm with demand at 191.2 mcm and supplies estimated at 193.7 mcm, National Grid (LSE: NG.L - news) data showed. * July gas contract down by 0.40 pence to 36.20 p/therm. * Winter 2017 contract down by 0.32 pence to 45.28 p/therm. * Day-ahead gas price at the Dutch TTF hub down by 0.30 euros to 14.77 euros per megawatt hour. * Benchmark Dec-17 EU carbon contract up by 0.01 euro to 5.09 euros per tonne. * Thomson Reuters analyst view: (Reporting By Oleg Vukmanovic; editing by Nina Chestney)

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