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UK wholesale natural gas prices increase on bullish fundamentals

London — UK wholesale natural gas prices rose across the board at the open Monday as a combination of a short gas system, higher oil prices, and forex movements led to bullish sentiment on the NBP hub.

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National Grid 10:00 am (0900 GMT) figures put physical flows of 142 million cu m/d behind demand forecasts for Monday of 160 million cu m.

As a result, the within-day and day-ahead NBP contracts were seen trading higher than last Friday's assessment at 35.90 pence/therm and 35.60 p/th respectively Monday morning.

Norwegian gas flows into the UK National Transmission System were running at 46 million cu m/d, broadly steady despite maintenance on the Entry SEGAL Pipeline System due to last until Thursday morning, Norwegian gas operator Gassco reported.

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Throughput via the Teesside BP terminal were down compared to last week's levels, dropping to zero late Sunday due to planned maintenance starting Monday, set to last until July 1.

LNG regasification from the South Hook LNG terminal was unchanged from last week at 15 million cu m/d, with both Dragon and Isle of Grain inactive.

Flows between the UK and Belgium were nominated close to zero Monday according to IUK data, with BBL imports also at zero early on.

Storage withdrawals from medium-range facilities were not seen Monday morning, but may be seen later in the day given the short system and the NBP spot trading at a premium to the prompt market.

On the NBP curve, prices received further bullish impetus from oil prices trading above the $50/b mark in addition to a weaker pound against the euro as polls show the campaign to leave the EU gaining ground ahead of the vote on June 23.

Front-month July was dealt at 34 p/th, 1.20 p/th higher than the previous assessment, with the Q3 16 contract climbing to 34.25 p/th.

Winter 16 and Summer 17 were changing hands at 39.60 p/th and 36.60 p/th respectively Monday morning.