UK NBP wholesale gas prices eased Thursday morning while retaining some risk premium relating to tensions between Russia and Ukraine.
At 11:00 London time, the within-day contract was valued at 51.20 pence/therm, down by 0.25 p/th, and the day-ahead lost 0.70 p/th at 50.90 p/th.
Gas for May and Winter deliveries were seen trading at 50.35 p/th and 62.20 p/th during the morning, having fallen from 51.20 p/th and 62.80 p/th Wednesday.
"It's a relief correction," a gas broker in London said. "[Ukraine] concerns still exist but are perhaps not as acute."
"The market's awaiting further developments," he said.
Norwegian export operator Gassco announced a delayed startup at SEGAL after planned maintenance which was stemming 16 million cubic meters/day of production for 16 hours from late Wednesday night.
The broker said it wasn't significant enough to have an impact on prices, however.
After being short earlier in the morning, the UK gas network was comfortably supplied in National Grid's 11:00 am assessment with demand pegged at 212 million cu m.
The demand level is up from Tuesday's 198 million cu m but remains well below the seasonal norm of 253 million cu m.
The UK was nominated to export around 17 million cu m to Belgium through the Interconnector pipeline, with the pipe now in its typical "summer" flow pattern of strong exports.
There are at least two LNG tankers lined up to arrive in the UK in upcoming days. Milford Haven port data shows the Lijmiliya and the Umm Slal both heading towards South Hook LNG from Qatar and due to arrive at April 13 and 15, respectively.
Demand on Friday is expected to rise slightly to 216 million cu m, Grid showed, but by Monday it is forecast to fall to 205 million cu m.
