Gas prices at the UK NBP for both prompt and curve were softer Tuesday, as more supplies relieved the within-day market and boosted confidence that gas would meet demand in October. The curve also came down in price, which was a reflection of the weak crude market, traders said. Within-day was at 69.25 p/th at midday, which is about 4 p/th lower than the day-ahead close on Monday. Traders said more gas was coming to the UK from Norway, which was part of a 10 million cubic meters supply boost earlier in the morning. This led to confidence that October would be well-supplied relative to demand, and October was assessed at 69.80 p/th at midday, which is 2.4 p/th lower than Monday’s close. The Q1 09 contract was down 3 p/th on the day to 95.75 p/th, a mixture of weaker oil sentiment and confidence that gas will arrive, and next summer was
also off 3 p/th, at 73.75 p/th. Next winter was down 2 p/th. Although crude was rising Tuesday, it had not recovered Monday’s losses.

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