Prompt gas prices at the UK's NBP trading hub were up Tuesday following a Langeled pipeline outage late Monday, but a persistent long system due to low demand kept prices in check.
Langeled operator Gassco said the Easington LRF-terminal in the UK was shut down at 2015 GMT, and the outage was expected to last for about 20 hours.
But, according to National Grid data, at 11:00 UK time the system was long by 19.9 million cu m, with forecast demand at 190.5 million cu m and forecast flows at 210.4 million cu m.
Normal demand at this time of the year is 260.1 million cu m, but higher than average temperatures in the UK have kept demand low.
According to the Met Office, temperatures in London were expected to reach highs of 24 degrees Celsius on Tuesday and 25 C on Wednesday.
However, by Saturday they should have dropped down to 16 C.
Having traded at 55.80 p/th at the start of the day, the within day gas contract steadily fell down to 53.80 p/th at 12:00 UK time, compared to 54.05 p/th at close on Monday.
Similarly, day-ahead prices began trading at 54.90 p/th, but by midday were heard at 54.00 p/th -- up by 0.20 p/th from the previous day's close.
"To an extent, the long system is counterbalancing the Langeled outage," a trader said.
Meanwhile, Interconnector data showed the pipeline was nominated to export 32.9 million cu m to Belgium -- up from 25 million cu m on Monday -- as demand was set to increase across the Channel following Monday's public holiday in Belgium and other Continental European countries.
On the curve, contracts were down as crude futures drifted lower on uncertainty related to Iran and the eurozone.
At 1050 GMT, front-month Brent crude traded 20 cents lower at $106.91/barrel.
June gas contracts shed 0.55 p/th from Monday's close, changing hands at 53.70 p/th, while Q3 12 was heard at 55.80 p/th, down by 0.70 p/th.
Winter 12 was seen at 66.40 p/th, down by 0.95 p/th.
Summer 13 traded at 58.70 p/th and Winter 13 at 68.40 p/th, down by 0.90 p/th and 0.45 p/th respectively.
