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UK GAS: Prompt retains value on low flows from the Netherlands

Increase font size  Decrease font size Date:2012-05-02   Views:672
Prompt prices retained much of the value gained in the previous session on the UK NBP gas trading hub Friday morning as, despite demand being low, the system experienced tightness due to a fall in imports from the Netherlands.

Same and next-day gas contracts were trading at 61.00 pence/therm.

The within-day contract had slipped by 0.40 p/th but day-ahead was at the same value as Thursday's close.

Forecast gas demand by National Grid at 243 million cubic meters was 17% below seasonal norms. The system edged long throughout the morning but was short by 3 million cu m at noon London time as flows from the Netherlands remained low from Thursday.

The Dutch Interconnector BBL pipeline's 20 day average rate was at 24 million cubic meters/day but fell to zero on Thursday and was low at 5 million cu m/d midday Friday.

May and Q3 contracts were relatively unchanged at 59.80 p/th and 60.20 p/th, respectively.

Later dated contracts also heard little movement with a lack of drivers, sources said.

Winter 12 edged 0.25 p/th lower to 72.50 p/th, Summer was unchanged at 62.50 p/th and Winter 13 was just 0.10 p/th lower at 72.50 p/th.

 
 
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