NBP prices ease amid swift uptick in UK-bound LNG deliveries
The NBP curve shed value on Monday, driven by bearish sentiment from a swift uptick in UK-bound LNG deliveries and diplomatic developments.
According to ICE data, the Winter 26 front-season contract posted a 7.7% loss compared to Friday’s close, as hopes of ‘sideline’ US-Iran peace discussions at the UN General Assembly pressured curve contracts.
Meanwhile, near-term supply fundamentals softened as shipping data showed three LNG vessels arriving over the past week, with another cargo scheduled to dock at the Isle of Grain terminal on Friday the 25th.
Heightened volatility has continued this morning, with Winter 26 swinging lower to circa 177p/therm at time of writing, nearly 7p/therm below its previous settlement, at time of writing.
Despite an abrupt decline in renewables, baseload power prices corrected lower on Monday, in tandem with the wider energy complex.
ICE data shows that NBP Natural Gas and Brent Crude posted losses of 7.7% and 3.4%, respectively.
Looking at generation fundamentals, Elexon data shows that wind fell by two thirds when compared to Friday, accounting for a much smaller 19.4% of the GB mix.
Inversely, gas-fired power demand more than tripled to 36.8%, reinforcing prompt pricing.
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Price commentary courtesy of Crown Gas and Power 