The short system seen during the week provided little support in a bearish market. It was the supply fundamentals and lower oil numbers that continued to push gas contracts down across the curve. The gas curve is heavily in contango with the Winter 12 contract trading at 60.6p/therm, nearly twice the value of the Winter 09 contract at 32.7p/therm. It is obvious where the pressure is coming from with storage facilities reporting 99% fullness (despite this weeks withdrawals to balance the system); scheduled maintenance at Rough Storage resulting in a halt to further injections combined with the influx of LNG cargoes. This supply situation and mild weather is likely to feature heavy in market sentiment in the coming week. read more ...