The NBP first-quarter contract tumbled in December as mild weather across much of northwest Europe curbed heating demand, leaving the region with high stocks heading into 2015. Near-curve prices crumbled as traders sought to offload excess inventories, particularly on the continent. Strong UK LNG receipts weighed on near-curve prices. The UK received seven tankers in December compared with just two a year earlier, with sendout from the three conventional terminals rising. Tumbling oil prices weighed on NBP forward contracts.
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