UK NBP near-curve contracts softened at the start of March during a period of mild weather and as LNG sendout ramped up. But near-curve prices made back their losses following a mid-month lull in LNG receipts and as forecasts for below-average temperatures at the start of April emerged. Forward contracts eased lower although losses were limited as oil prices rose. Withdrawals in March were lower than a year earlier, with aggregate stocks at 1.2bn m~3 at the start of April, 283mn m~3 higher than a year earlier and compared with a 197mn m~3 year-on-year surplus at the start of March.
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