Reuters: UPDATE 1-UK gas loses steam as LNG flows pick up

British prompt gas prices eased on Wednesday afternoon as a rise in flows from the Isle of Grain liquefied natural gas (LNG) terminal helped meet high demand levels boosted by stronger exports to continental Europe.

Gas for immediate delivery fell by around 0.35 pence within the session on Wednesday, while day-ahead gas slipped 0.15 pence below Tuesday's closing price at 57.20 pence per therm.

"We are sending about 30 million cubic metres a day (mcm/day) to Europe right now, which explains the jump in demand and the tight system," one trader with a European utility said earlier in the day after the market opened higher.  MORE