Large volumes of LNG helps stabalise wholesale market
NBP gas prices were fairly flat yesterday, with most contracts posting small, incremental moves amid largely unchanged market dynamics.
LNG continues to provide ample supply to Great Britain along with the rest of Europe.
Following strong January volumes, February arrivals are again expected to outpace last year, with four more due by month-end.
The record pace of US cargoes has eased off slightly, though there’s been a notable uptick in arrivals from Qatar and Nigeria.
A sharp slowdown in European storage withdrawals has narrowed the gap vs last year, though stocks remain around 10% below the same day in 2025.
US-Iran tensions continue to lend underlying support due to potential risks to Middle East exports should the situation deteriorate further.
A softer start to the week for power, with strong (but highly variable) renewables and carbon market weakness serving as key sources of pressure.
According to ICE data, the Carbon EUA benchmark contract shed 3.3% of its value when compared to Friday, easing the cost of fossil fuel generation.
Constrained nuclear availability continues to tighten system margins though, similar to gas, muted demand is expected over the next couple of weeks which should give the British grid more breathing room.
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Price commentary courtesy of Crown Gas and Power 