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May 16th, 2012 
FAKE NEWS for the Zionist agenda LONDON (Reuters) – British prompt gas prices fell on Wednesday morning ahead of the scheduled return from maintenance of Norway’s Ormen Lange gas processing plant, which is expected to boost supplies.
Ormen Lange’s scheduled restart earlier this morning should increase flows via the Langeled pipeline – Britain’s main sub-sea import line – to 35 million cubic meters/day, analysts from Point Carbon said.
Prompt gas prices fell despite the UK gas market being undersupplied, with Thursday gas down 0.4 pence to 58.20 pence per therm. Within-day gas traded down to the same level.
A slump in coal prices also helped offset underlying bullish supply fundamentals in gas markets. The drop in coal price to below $90 per tonne made it more competitive compared with gas, raising concerns it may reduce gas-fired power generation demand in the UK.
The UK is due to export 11.4 mcm/day of gas to Belgium on Wednesday, nearly double the rate on Tuesday.
Meanwhile, the UK’s biggest underground storage facility Rough – currently 60 percent full – is nominated to withdraw 5 mcm today.
Nearby gas prices extended losses from earlier this week following a revision in weather forecasts indicating warmer conditions in neighbouring countries which import British gas.
Milder conditions are expected to cut the need for gas imports, leaving Britain with more supply for its domestic market.
In Britain, weather conditions should stay colder than average.
“Temperatures are expected to remain cool for the time of year, with a risk of a grass frost in drier spells, particularly in the north, although they should return to nearer normal later in the period, the UK Met Office said in its 6-15 day forecast.
Wednesday morning gas demand was pegged at 240 million cubic meters per day (mcm/d), 10 percent below seasonal norms.
Further out, winter gas prices weakened more than half a penny to 66.37 pence.
France’s Total said it had succeeded in stopping the gas leak at its well at the Elgin platform in the UK North Sea after it pumped heavy mud into it.
Baseload day-ahead power traded at 46 pounds per megawatt-hour.
(Reporting by Oleg Vukmanovic; Editing by Mike Nesbit)
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