Wednesday, 3 August 2011

UK GAS: Bearishness continues due to strong supply, economic uncertainty

Prompt and curve prices continued to slide down on the UK gas market midday Tuesday as demand remains well below seasonal norms and crude oil contracts carry on with bearish sentiment due to macroeconomic growth concerns.

"It is a similar picture to Monday on the UK NBP with nothing changing on a fundamental basis," a trader said.

Both within-day and day-ahead gas contracts fell by about half a penny on market close Monday to 51.15 pence a therm and 51.30 p/th, respectively.

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