LONDON, April 21 (Reuters) - Wholesale British gas prices eased on Thursday on strong liquefied natural gas (LNG) supplies, rising Norwegian exports and weak demand, although far curve prices were supported by strong oil markets.
Prices for gas to be delivered on Thursday fell to 55.70 pence per therm by 1145 GMT, from the previous close of 56.10 pence as rising inputs from Norway and the South Hook LNG terminal helped offset a fall from the Isle of Grain terminal near London.
The weak prompt, combined with a low demand and plentiful supply outlook, weighed on prices for summer gas delivery, with May down 0.15 pence to 58.05 pence and June off 0.40 pence to 59.40, according to one broker. Wholesale gas prices for next winter eased slightly, down 0.15 pence at 72.00 pence, but prices further forward rose on the prospect of higher continental European gas prices as higher crude prices promised to raise oil-indexed gas costs.
Brent crude LCOc1 was up by about 0.30 percent at $124.20 a barrel at around 1200 GMT on Thursday, benchmark European crude prices have risen about 50 percent since early April 2010. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
The price of gas for Winter 2012/13 rose 0.30 pence to 73.10 pence, while Winter 2013/14 rose 0.75 pence to 75.00 pence, according to one broker.
The power market followed a similar pattern to gas, largely because gas is a key fuel, with prices for the next few months falling and far curve prices rising.
May baseload electricity contracts fell about 35 pence to 51.10 pounds per megawatt hour, while Winter 2011/12 baseload held steady at 59.60 pounds and Winter 2012/13 rose about a pound to 60 pounds.
(Reporting by Daniel Fineren, editing by Jane Baird)
