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NBP: Maintenance delay weakens spot: falling oil crushes curve

08 May 2012 10:54:40 | lmd

The NBP market was closed on 7 May because of a national holiday in the UK.

British prompt natural gas prices fell on Friday following the announcement that maintenance at the Shell-operated Ormen Lange gas field will be delayed and shortened, although losses were limited as temperatures are set to cool, offering a boost to gas demand.

Such is the size of the field, which feeds large volumes of gas to Britain via the Langeled pipeline, that the news sent spot natural gas contracts sliding.

Power consumption will be restricted at the plant on 11-15 May, instead of the original maintenance schedule, which starts on 8 May and ends on 16 May, according to the Nordic power bourse, Nord Pool Spot.

Ahead of maintenance, deliveries via Langeled from Norway ramped up to a rate normally seen only during winter. Gassco data showed almost 60Mm³/day beaching at Easington, which in addition to 30Mm³ from Norway into St Fergus meant that Norway was contributing to more than a third of British demand on Friday.

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