Gas prices strengthen amid unplanned maintenance

Gas prices strengthened on Tuesday after new unplanned maintenance put markets on alert.

Small, incremental gains of circa 1p/therm (0.03p/kWh) were posted across the majority of curve contracts, with an otherwise calm market being rattled in the afternoon trade by a sudden drop in Norwegian production.

According to data from offshore operator Gassco, a loss of power at the Nyhamna gas processing facility removed a sizeable 33.8mcm of export capacity, although it was only expected to be short lived and has been resolved as of this morning.

At the same time, further improvements to the British demand outlook likely helped prevent prices from moving any higher. The latest run of our 14-day model now shows that unseasonably low demand should persist beyond week 26 and extend into week 27 as we move into July, thanks in part to forecasts of warmer weather and a expected uptick in wind power output.

Natural gas prices continue to trade within a narrow range this morning, with both the front-month and front-season contracts currently being offered very much in line with their previous settlements, at time of writing.

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