UK GAS-Spot prices dip, firmer crude lifts forward contracts

March 16 (Reuters) - British wholesale spot gas prices fell on Thursday morning as supplies outstripped demand, while forward contracts found support from rebounding crude oil prices, traders said. * The British day-ahead gas price fell by 0.17 pence to 41.55 pence per therm at 0928 GMT. * The within-day contract fell by 0.33 pence to 41.55 p/therm. * The gas market was oversupplied by 30.1 million cubic metres (mcm), with demand at 229.5 mcm/day and supplies estimated at 259.6 mcm/day-National Grid (LSE: NG.L - news) data. * The weight of oversupply pushed prompt prices lower, a trader said, extending a sharp downward trend that began at the start of the month. * A Europe-based trader said climbing oil prices were supporting gains on seasonal gas contracts; summer 2017 gas was up by 0.36 pence to 41.25 p/therm. * "We are coming off a strong downward trend and forward contracts are finding support now ... the last part of the downtrend was driven by crude oil prices but since oil has found a floor, gas has as well," the Europe-based trader said. * "The dangers of more bullish news, such as if Brent hits $55 a barrel, would create stress on the shorts and trigger new rounds of buying," he said. * The Brent oil price rose on Thursday following a seven-day losing streak, up 47 cents at $52.28 a barrel. * Flows through the Vesterled pipeline from Norway rebounded to 11 mcm after dropping to 4 mcm on Wednesday morning, data from Norway's gas system operator Gassco showed. * April gas rose by 0.09 pence to 42.15 p/therm. * Dutch day-ahead gas prices at the TTF hub rose by 0.16 euro to 15.93 euros per MWh. * Benchmark Dec-17 EU carbon contract firmed by 0.06 euro to 5.14 euros a tonne. (Reporting by Oleg Vukmanovic; Editing by Greg Mahlich)

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