A day of two halves on the wholesale market with prices closing down on the day

It was a day of two halves at the NBP on Wednesday with a short lived, initial uptick seemingly losing momentum and sending curve contracts a touch lower day-on-day by the close.

Data from the National Gas REMIT service shows that the South Hook LNG terminal, one of three import terminals in the UK, tripped and lost all regasification capacity for around 3 hours starting at 10.50am.

This was especially bullish as British LNG sendout is near peak levels and several vessels are approaching the UK to offload cargoes over the next few days.

Meanwhile, the latest run of our 14-day model maintains that demand will lift above seasonal norms from 16th November holding above average until Tuesday 25th.

Power contracts broke away from their gas counterparts on Wednesday, opting to swing slightly higher amid continued strength on the carbon market.

ICE data shows that the Carbon EUA benchmark contract closed at €81.91/tonne, just south of €82.31/tonne, the highest closing price since February.

Declining wind and temperature forecasts for next week, alongside this rise in the cost of emissions certification, served as another source of support, with gas fired-generation shaping to be slightly higher from Sunday/next Monday.

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Price commentary courtesy of Crown Gas and Power