UK natural gas: Spot mixed on Norwegian maintenance, curve bullish

London (Platts)--11 Oct 2017 827 am EDT/1227 GMT

NBP spot contracts were mixed Wednesday mid-morning, with day- ahead trading lower on higher supply expectations due to increased Norwegian flows, with Kollsnes maintenance ending Thursday early morning, and within-day marginally higher supported by heavy MRS withdrawals.

  • Day-ahead down 1.10 p/th at 45.10 p/th
  • UK gas system 23 million cu m long at 10 am
  • Norwegian flows running at 41 million cu m/d

On the curve, front-months traded higher on French power, with the possibility of further delays at nuclear plants boosting prices.

National Grid figures at 10 am London time (0900 GMT) put the gas system 23 million cu m long, with physical flows of 219 million cu m/d against demand forecasts of 196 million cu m.

Within-day and day-ahead were assessed at 45.00 pence/therm and 45.10 p/th respectively, 0.15 p/th higher and 1.10 p/th lower than their previous assessments.

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Norwegian gas flows into the UK National Transmission System were running at 41 million cu m/d.

Maintenance started Tuesday at Kollsnes and is expected to last until Thursday, with a total impact of 144.5 million cu m/d, according to Norwegian gas operator Gassco.

UK gas exports to Belgium via the Interconnector were nominated at 31 million cu m, 22 million cu m higher on the day, according to IUK 10 am figures.

UK natural gas production nominations for Wednesday were 101 million cu m, according to Platts Analytics' data.

Medium-range storage was running at 50 million cu m/, with flows from Stublach MRS reservoir at 15 million cu m/d and Aldbrough at 13 million cu m/d, while Holford kicked in at 22 million cu m/d.

LNG regasification from South Hook was running at 7 million cu m/d Wednesday.

On the curve, front-month November traded at 50.50 p/th, up 0.75 p/th from Tuesday's 49.75 p/th assessment.

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