Warm temperatures at the start of the month capped demand and increased Norwegian imports via the Langeled pipeline enabled suppliers to replenish rough storage at an excelled rate, providing weight to the near curve in particular. Suppressed LDZ demand resulted in increased IUK exports to the continent which put a floor on prompt contract falls.
LNG sendouts were high at the start of the month to accommodate for high net injections into storage, however the send out rate fell as the month progressed to cater for increased demand due to a series of short lived cold snaps. UK gas imports and UKCS flows were disrupted at various stages during the middle of the month due to maintenance at Bacton & Vesterled, resulting in contracts peaking on the 15th of September.
High nuclear availability towards the end of the month catered for volatile & inconsistent periods of wind power generation. Weak coal & natural gas prices ensured that gas & coal fired power generation remained the dominant fuel in the generation mix.
September, being the last month in the summer trading period, meant that liquidity on near and far curve contracts increased. With all the fundamentals bearish, the market favoured the buyers and contracts fell off even further, hitting record lows on the front season contract, winter 15, 3 days before maturity.
Curve contracts climbed on the final day of the month as Russia commenced air strikes against Syrian rebels, pushing Brent up by over $2/bbl in a short space of time.