Prices egde higher as the conflict between Israel and Iran enters its fifth day
The NBP edged higher on Monday with aerial attacks between Israel and Iran continuing.
As concerns of about the integrity of energy infrastructure and potential broader regional involvement increases the UK announced it was deploying military assets, including fighter jets, to the region, reflecting the severity of the conflict.
As the strikes enter their fifth day, there have been no signs of progress toward a ceasefire.
On the supply side, the latest round of Norwegian maintenance has now peaked, and exports are expected to ramp back toward normal levels over the next couple of weeks.
The Gullfaks field is undergoing unplanned maintenance this morning, removing 5.8 mcm/d from supply (Gassco).
Bullishness on the NBP buoyed baseload power prices on Monday. Investigations at several EDF nuclear reactors, including Civaux 2, are still ongoing, feeding an element of uncertainty and risk into the curve.
The ‘Spanish plume’ weather event is moving through Europe this week, likely causing a surge in cooling demand across the continent and adding further pressure at the front-end.
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Price commentary courtesy of Crown Gas and Power 