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UK NBP natural gas contracts trade higher on increased demand


UK gas system 9 million cu m short at 10 am

MRS withdrawals running at 28 million cu m/d

Day-ahead at 47.00 pence/therm, up 0.30 p/th

NBP prompt gas contracts were trading higher Wednesday morning, with the UK system undersupplied amid a rise in demand day on day and despite heavy withdrawals from medium-range storage.

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Supply was set to rise in coming days as unplanned Norwegian maintenance ends.

On the curve, longer term contracts edge higher, tracking Brent crude and the strength at the prompt.

National Grid 10 am UK time (0900 GMT) figures put the gas system 9 million cu m short as physical flows of 180 million cu m were below demand forecasts of 189 million cu m.

Within-day and day-ahead gas traded at 47.10 pence/therm and 47.00 p/th, respectively, compared with Tuesday's day-ahead assessment of 46.70 p/th.

Withdrawals from the Stublach medium-range storage reservoir were running at 19 million cu m/d Wednesday morning, with flows from Aldbrough having been up at 11 million cu m/d before ceasing around 10 am.

Medium-range storage withdrawals will likely be called upon for the rest of the working week, with demand expected to rise steadily to 208 million cu m on Friday, National Grid data showed.

Norwegian gas flows into the UK National Transmission System continued to be reduced due to the Entry SEGAL Pipeline System's slow start-up after annual maintenance, running at 59 million cu m/d Wednesday, according to Norwegian gas operator Gassco.

UK gas production nominations for Wednesday were 80 million cu m, according to Platts Analytics' Eclipse Energy, lower day on day.

LNG regasification from the South Hook terminal, was running at 11 million cu m/d ahead of the arrival of the Qatari Rasheeda Q-Max tanker next Monday.

UK natural gas exports to Continental Europe via the Interconnector were set to remain steady day on day, nominated at 32 million cu m, according to IUK 1000 am figures.

October and November traded at 46.00 p/th and 49.55 p/th, respectively, both marginally higher compared with Tuesday's assessments.