Gas prices displayed further losses on Thursday as the UK gas system was long throughout the session, with a rise in Norwegian imports also expected today. Norwegian flows are set to be redirected to the UK due to maintenance at pipelines to mainland Europe. LNG send-outs also increased with several deliveries expected to arrive in the coming weeks; this resulted in losses across the near-curve, while contracts further out were pressured down by falling Brent.
Day-Ahead gas fell close to a seven-year low yesterday on the back of significant oversupply and low demand in the UK. The Rough storage facility remains unavailable for storage injections which led to exports to Belgium reaching their capacity, with the remaining storage sites in the UK close to being full. Furthermore, additional Norwegian flows could be redirected to the UK due to maintenance at the Zeebrugge pipeline over the next few days.