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UK spot gas prices fall as demand eases

London — Spot gas prices on the UK's NBP are lower Wednesday morning than at Tuesday's close and demand has eased.

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At 1100 GMT, the within-day and day-ahead contracts were assessed at 29.95 pence/therm and 29.60 p/th compared with a day-ahead close on Tuesday of 30.20 p/th.

System operator National Grid had demand for the day in its 10:00 am figures pegged at 309.8 million cu m/d with forecast flows for the day higher at 317.7 million cu m/d.

Power station demand is nominated for the day at 52.1 million cu m/d, down from 57.8 million cu m/d Tuesday, Eclipse Energy, an analytics unit of Platts, said.

LDZ offtake fell to 232.2 million cu m/d from 235.4 million cu m/d.

LDZ gas demand is forecast to fall throughout the rest of the week to 200.8 million cu m/d by Sunday, Eclipse said.

The 200.8 million cu m/d figure by Sunday is, however, higher than what was expected earlier in the week.

Forecasts for Sunday rose to 192.6 million cu m/d on Tuesday from 186.1 million cu m/d on Monday.

Eclipse's short-term demand model is calculated from demand, temperature and wind speed out-turns in addition to deviations between weather forecasts and these last out-turns.

Gas contracts along the curve were trading slightly lower than Tuesday's close Wednesday morning.

The April contract was seen trading at 28.15 p/th, down 0.025 p/th from Tuesday.

Trade was thin for the Summer 16 contract but the bid/offer mid-point stood at 27.125 p/th, down by 0.05 p/th from Tuesday.