Losses were displayed across the gas curve yesterday following a significant improvement in Norwegian and LNG flows. Bearish pressure was also provided by an expected rise in temperatures next week and a stronger Pound, while falling Brent weighed on contracts further along the curve.
Gas contracts displayed mixed movement on Tuesday as improved LNG supply and a stronger Pound helped to erase some of the morningâ€™s gains. Norwegian flows remained weak throughout the session which tightened the system, while bullish oil prices supported far-curve contracts.
Norwegian flows into the UK decreased yesterday which resulted in numerous gains across the curve, although some European contracts displayed no change due to various bank holidays. Early in the session Langeled output stood at 53mcm but fell to 14mcm in the afternoon which resulted in a tight UK gas system. Meanwhile, a sharp rise in oil prices continues to push far-curve contracts higher with on-going supply concerns the main market driver.