Reuters: UK GAS-Near-term prices rise on undersupply, Russia-Ukraine row

British day-ahead wholesale gas prices rose 2.9 percent on Wednesday on undersupply forecasts, a drop in LNG availability from import terminals, and the risk that EU-brokered talks between Ukraine and Russia over a pricing dispute will drag on.

The prompt contract gained 1.1 pence to a four-day high of 38.65 pence/therm, climbing back from a near four-year low of 36.25 pence hit on Monday due to low demand and healthy supply.

British gas demand was forecast to be around 205 million cubic metres (mcm) on Wednesday, some 28 mcm above predicted supply, according to the National Grid.

Nominated sendout from Britain's liquefied natural gas (LNG) terminals was estimated to fall to 44 mcm from 50 mcm on Tuesday, which analysts at Thomson Reuters Point Carbon said could be to offset a rise in supply caused by the closure of an export pipeline.
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