UK gas prices ease on healthy supply, technicals
* Gas demand below seasonal average
* Healthy LNG imports
* But global events still support prices
LONDON, March 29 (Reuters) - British gas prices dropped slightly on Tuesday morning as the system was long due to healthy liquefied natural gas (LNG) imports and moderate demand, traders said.
Winter 2011/2012 gas forward prices were at 74.20 pence per therm at 0830 GMT, down around half a pence a day earlier.
Technical indicators for the contract also looked bearish, with moving average convergence-divergence (MACD) signal lines about to cross and the relative strength index (RSI) also indicating an overbought market. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a technical NBP Winter 11/12 gas graph, click here: here ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
Further at the front of the price curve, April contracts were down 0.7 pence since their opening to 61.80 pence per therm.
Gas for day-ahead delivery traded at 61.70 pence, slightly below its level of 62 pence on Monday. Continued...