Monday, 13 September 2010

UK gas mixed on high Norwegian supply, outage

British gas prices were mixed on Monday, with prices for immediate delivery down due to high Norwegian supply through Langeled, but the rest of the curve firm due to the closure of Kollsnes for planned maintenance.

Gas for Monday delivery dropped 0.90 pence to 36.60 pence per therm at 0942 GMT compared to within-day contracts on Friday, but gas for Tuesday delivery rose 0.30 pence and October contracts were up 0.40 pence at 42.60 pence ($6.57 per mmbtu).

Winter 10/11 was up 0.60 pence at 48.20 pence.

"Langeled flows have turned up which has swung the balance. The curve is up. There was a bounce in German power this morning, and a slight bounce in carbon, and oil is stronger," one energy broker said.

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