UK GAS-Prices recover some ground after big supply-driven losses
April 24 (Reuters) - British wholesale gas prices recovered somewhat on Wednesday after slumping in the previous session due to oversupply and a shut-in export pipeline but remained at multi-year seasonal lows.
* Day-ahead gas rose 4.3 pence, or 16 percent, to 31.00 pence per therm by 0840 GMT. It had closed down 19 percent on Tuesday.
* Within-day gas climbed 1.9 pence, or 7 percent, to 28.40 p/therm, having dropped 26 percent the previous day.
* At such levels, the prices are at their lowest since 2009 for this time of the year.
* One gas trader noted prospects of colder weather next week as well as Britain's lack of long-term storage for back up meant the market wasn't ready to leave the prices at such low levels.
* "May isn't as loose as I guess people were hoping. We're already pretty low versus coal and crude, so I guess the market wants certainty before it really dumps," said the trader.
* The prompt prices rose on Wednesday despite an oversupply in the system.
* Gas demand in Britain was forecast at 195.1 million cubic metres (mcm) and supply seen at 203.7 mcm, according to National Grid data.
* The IUK pipeline to Zeebrugge in Belgium is undergoing maintenance until April 30, thus shutting down an export route for excess gas in Britain.
* On top of that, supplies of gas from liquefied natural gas tankers have not abated.
* LNG supplies are likely to hit an all-time monthly peak in April at 1.64 million tonnes, or 20 tankers, according to Refinitiv Eikon shipping data.
* Send-out rates from LNG terminals increased by 14 mcm to 73 mcm on Wednesday as the Dragon plant emptied its tanks in anticipation of receiving a tanker later on Wednesday.
* Another seven tankers are due to arrive in Britain within the next seven days.
* In the coming days, however, temperatures are expected to decrease towards seasonal norms, according to Refinitiv Eikon gas analysts.
* This will boost residential gas consumption to above 100 mcm by Thursday from as low as 80 mcm on Tuesday, a level more associated with summer.
* The May gas contract fell 0.49 pence to 34.20 p/therm.
* The benchmark Dec-19 EU carbon contract slipped 0.14 euro to 27.39 euros per tonne
* Day-ahead gas at the Dutch TTF hub fell 0.13 euro to 14.30 euros per megawatt hour. (Reporting by Sabina Zawadzki Editing by Alexandra Hudson)