Prices down slightly reflecting market caution
The NBP posted modest incremental losses on Monday, reflecting a cautious tone among market participants.
The Winter 25 front-season contract seemingly faced firm resistance when trying to break below the next psychological level at 90p/therm (3.1p/kWh).
Strong exports to the EU (Belgium, Netherlands) may have limited scope for domestic storage injections as participants prioritised continental storage facilities.
Data from National Gas indicated that interconnector flows averaged at around 65mcm/d with the UK serving as a net exporter throughout the session.
UK power prices followed gas lower, despite a decrease in wind power when compared to Friday’s session.
System demand averaged at 32.4GW across Monday, a subtle increase of 5.9% versus 30.6GW on Friday. Excessive temperatures may have spurred cooling demand, though the use of air conditioning is less prevalent in the British Isles when compared to other parts of Europe.
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Price commentary courtesy of Crown Gas and Power 