Near-term UK wholesale gas prices rose Tuesday morning with higher demand for UK gas from both within the UK and continental Europe, and flows through the Theddlethorpe sub terminal remaining at zero, seeing the UK gas system short by 29 million cubic meters.
Within-day gas prices had risen 0.30 pence/therm by 11 am UK time to 49.60 p/th, with day-ahead seen at 49.30 p/th, up 0.15 p/th.
National Grid demand forecasts at 10 am were at 178 million cu m, slightly above the seasonal norm for the time of year. However, physical flows were down at 149 million cu m.
Demand has risen on the back of higher exports to Belgium through the Interconnector with IUK 10:00 nominations at 29 million cu m, 14 million cu m higher than Monday's level.
The Dunkirk receiving terminal in northeast France was offline Tuesday, capping Norwegian gas flows into continental Europe according to Gassco.
In addition, LDZ demand was forecast at 76 million cu m Tuesday, according to Platts unit Bentek Energy as overnight temperatures fall.
Furthermore, flows from ConocoPhillip's southern production area, which feeds gas into the Theddlethorpe sub terminal, have failed to return.
Gas was expected to have resumed flowing by 6 am, but ConocoPhillips said in a REMIT message the southern area is "expected online later today."
Elsewhere, flows into Bacton were lower than Monday, with imports from the Netherlands via the BBL pipeline down at 6 million cu m/day and falling throughput from the both Bacton Seal and Bacton Shell terminals.
LNG throughput from the Dragon LNG terminal has halved overnight to 5 million cu m/d, with South Hook flows steady at 27 million cu m/d.
Gas continues to be pulled out of medium-range storage facilities with both Aldbrough and Holford active overnight. Flows from Aldbrough ceased at midnight, however Holford has continued to send gas into the system at a rate of 9 million cu m/d.
Medium-range storage facilities have 1.14 billion cu m in stock, roughly 95% capacity, according to National Grid data.
Despite the firmer spot market, longer-term NBP gas contracts have recorded minor price changes from Monday's close as wider fundamentals remain broadly unchanged overnight and Brent Crude markets opened flat.
Front-month October was seen trading at an even 51 p/th at 11 am, compared with the previous close of 50.90 p/th.
