Thursday, 8 September 2011

UK #business gas prices lifted by tight supply as LNG flows idle

British prompt gas prices rose on Thursday morning as supply fell short of demand after two liquefied natural gas (LNG) terminals fell practically idle and Norway diverted supplies to Germany.

UK NBP gas for immediate delivery rose 1.45 pence per therm on Thursday, at 59.45 pence, and gas for delivery next week rose 1.25 pence at 58.25 pence on the day.

Prices turned bullish as the transmission system ran 13 million cubic meters/day short of gas amid broad-based supply losses from offshore fields.

Supply from the Teesside BP and Bacton Shell terminal were at zero, while Dragon LNG flows ceased and Isle of Grain LNG contributions hovered above zero.

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