NBP: Selling pressure hits May as prices soften across curve
NBP prices declined on Thursday, as a falling crude price exerted downward pressure on the far curve. The decline spread to near-curve contracts as well, although the prompt was relatively strong on the back of cold forecasts for the coming week.
Ahead of the four-day holiday, traders were reluctant to leave sizeable open positions on their books, resulting in muted activity during the session.
Day-ahead moved back into positive territory by Wednesday's close, thereby incentivising exports to the Belgian hub, although the expectation of colder weather in the coming days pushed slightly higher from Wednesday.
Traders said there was a heavy sell-off in the May contract late in the session, with sources speculating that long positions were being stopped out, given the recent decline in the price.
LNG send-out was steady for most of the session, with combined send-out from the South Hook and Isle of Grain terminals flowing at a rate of around 61Mm³/day, according to National Grid. The Al Mayeda is due to dock at South Hook on 8 April.
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