British natural gas prices rose on Monday after a Norwegian gas field shut, driving inputs from liquefied natural gas (LNG) terminals up to near capacity, while curve prices eased with oil.
Norway’s Visund field in the North Sea was shutdown over the weekend after a gas leak, with flows from Norway into England falling sharply on Monday morning, while high exports to continental Europe supported demand.
“That’s what is impacting Norwegian flows. I guess that’s mostly likely brought the Norwegians out into the spot market to cover their sales,” one UK gas market analyst said.
Inputs into the grid from the South Hook, Isle of Grain and Dragon LNG terminals shot up to make up for the drop in supply, encouraged by a surge to 59.00 pence per therm by 0800 GMT for gas delivered on Monday, but spot prices eased later.