Monday, 25 October 2010

UK gas rises as storage input expected to fall

British prompt gas prices firmed early on Monday as supply from liquefied
natural gas (LNG) terminals dropped and as traders expected lower
withdrawals from storage sites would reduce supply later in the session.

Gas for delivery on Tuesday rose to 47.95 pence per therm, up 0.45 pence
from Friday's session, while gas for immediate delivery was 0.55 higher at
48.05 pence.

"The length (abundant supply available) is caused largely by storage
withdrawals, which don't make sense, so they will be priced off pretty
quickly," said a British gas trader.

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