Prompt gas prices on the UK's NBP trading hub fell Monday as the long system and lower demand weighed on near term contracts.
Gas for same day delivery was heard changing hands around 1100 GMT at 60.30 p/th down 0.95 p/th from Friday close, while the day-ahead lost around 1.40 p/th to 60.10 p/th.
Forecast gas demand was significantly below the seasonal norm of 209 million cu m and there was a surplus of supply available. National Grid pegged demand at 1100 GMT 184 million cu m against estimated flow of 204 million cu m.
Flows from Norway into the UK via the Langeled pipeline were at 19 million cu m, down from Friday's 27 million cu m/day. There was a pick up in flows via the Dutch BBL pipeline to 12 million cu m from 5 million cu m seen on Friday.
LNG flows from South Hook remained at a strong rate of 44 million cu m/day. Another Qatari LNG tanker is en route to the UK and two tankers are now expected this week. Milford Haven port data showed the Shagra is expected on Wednesday and the Umm Slal on Sunday.
Winter 13 remained firm and was seen at 73.40 p/th, up 0.60 p/th from Friday's close.
One trader said there was some nervousness about how the system will cope heading into Winter and this general sentiment was seen on the Continent too.
On Friday, Norwegian exporter Gassco announced an eighth revision to its ongoing 54 million cu m/day field maintenance, extending it to July 31.
Market sources also said Gassco introduced a new maintenance schedule throughout Winter on Friday, which was helping to support the front season.
According to Gassco's planned events, field maintenance is expected to take place from September 1 through to April 1, 2014, having a volume impact of 34 million cu m/day. It is unclear which field will undergo maintenance during this period.
Meanwhile, Karsto gas processing terminal maintenance is scheduled from September 7 to 28, with a volume impact of 55 million cu m/day.
Annual emergency shutdown tests are expected to take place at Dornum beach terminal on September 9 (volume impact of 34 million cu m/day), Emden terminal September 16 (volume impact of 25 million cu m/day) and Karsto September 30 (volume impact of 40 million cu m/day. Annual emergency shutdown tests last for a day.
"It's a lose lose really either we get less imports or the continent do and we get less continental gas," one market source said. "If we see Qatargas maintenance, which we will at some point, I think people need to think about what that did to prices last year."
Meanwhile, the front-month July was last seen at 64.35 p/th down 0.45 p/th and Q3 also declined by 0.30 p/th to 65.20 p/th.
