Thursday, 21 October 2010

UK gas firms on lower storage withdrawals, Norway

British gas prices firmed on Thursday after Rough storage withdrawals turned
down and Norwegian flows via Langeled edged lower, effectively lifting the
whole curve on a tighter system, traders said.

Gas for Friday traded at 47.85 pence per therm at 1133 GMT, up 0.40 pence
from the previous session day-ahead close, while November was up 0.25 pence
at 47.35 pence ($7.48 per mmbtu) and December increased 0.45 pence 48.90

"Storage flows are down. Langeled's flowing 57 mcm (million cubic metres)
instead of 65 or 70, so just tightening the system and the curve is going
with it," one gas trader said.

National Grid data showed Rough flows fell 14 mcm to 6 mcm early in the
session before resuming withdrawals, while Langeled dropped around 6 mcm.
Supplies were tight, with Thursday UK
business gas demand forecast to be
45 mcm above seasonal norms at 337 mcm, National Grid website showed.

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