Strong demand and problems with supplies have supported UK gas prices. The NBP day-ahead rose to 43.2 p/th on Tuesday, higher than it has been since early March. Below-average temperatures in much of the UK have pushed up weather-related gas consumption. This has provided demand-side support for prices, a situation that is expected to continue on Wednesday. UK demand is forecast to be around 6% above seasonal norms, according to National Grid.
Supply-side issues are also supporting prices. Unplanned outages at the Kollsnes plant and the Gullfaks field are hitting flows from Norway. Although the issues at Kollsnes could be resolved on Wednesday, the compressor failure at Gullfaks looks unlikely to be fixed before the end of the week, according to data from Gassco.
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