UK NBP spot gas prices eased Tuesday morning, reversing some of the strong gains posted Monday afternoon with a well balanced system.
Within-day and day-ahead gas were both last heard trading at 41 p/th as of 11:00 UK time, respectively 1.00 p/th and 0.50 p/th down on Monday's closing prices.
One trading source described the morning declines as a "correction" following the bull run see Monday afternoon when Ukraine tensions and a tighter system on rising exports to Belgium and zero imports from the Netherlands were said to be supporting the NBP prompt.
"The UK system looks fairly balanced this morning despite strong export and 16 million cu m lower domestic production than yesterday," Platts unit Bentek Energy said in a report Monday.
Exports via the Interconnector were nominated at 35 million cubic meters Tuesday morning, little changed from Monday's nominations, while storage injections were nominated higher on the day at 28 million cu m, having dipped to 15 million cu m in Monday's nominations.
Imports from the Netherlands were nominated at 16 million cu m Tuesday morning, according to Bentek data, with Norwegian flows into the UK at 45 million cu m.
Further forward, prices on the curve were also seen trading lower on the day. Winter 14 was last heard at 60.50 p/th before 11:00, falling 1.00 p/th from Monday's close but still a touch higher than Friday's 60.30 p/th, when winter contracts rose back above the key 60 pence/therm mark for the first time since June 23.
