UK gas prices come under pressure

Strong gas supplies to the UK have put pressure on NBP prices, even though the country’s demand for the fuel has been above seasonal norms. The NBP day-ahead was around 27 p/th on Tuesday, down from almost 30 p/th last week. Output from the North Sea has helped to keep the UK well supplied. Prices could receive further pressure as Norwegian supplies increase after the completion of scheduled maintenance. Additionally, scheduled LNG imports will help maintain the UK’s strong supply. The country is expected to be oversupplied on Wednesday, according to the forecast from National Grid. This will continue to put pressure on NBP prices, with further falls likely over the coming days.