Gas Winter Months

A balanced system and lower forecast demand saw
prompt prices fall in the last 20 minutes of trade to close.
DA price closed 0.825p/th lower than the previous day's
session, and Nov-12 also fell by 0.12p/th in the run up to
expiry. The interconnector was still flowing in import
mode, with the basis closing at -1.80p/th and nominations
put at just over 12mcm for Wednesday. Gas imports from
Norway were flowing steady via Langeled at 70mcm,
whilst deliveries to St Fergus decreased over the session.
The LNG outlook is still sparse as there are no vessels
currently listed as due to arrive in UK ports; total LNG
flows for October have averaged at 11.40mcm/day
compared with 55.9mcm/day last October. The near curve
followed the bearish sentiment of the prompt, yet the far
curve remained relatively flat, as there was a lack of trade
beyond Summer-14.