Little price movement amid largely unchanged supply fundamentals
Small, mixed moves to gas prices were observed at the NBP on Thursday, amid largely unchanged long-term fundamentals.
Great Britain leaned heavily on storage on Thursday, which accounted for roughly one-third of total supply during the session.
This was in response to reduced Norwegian flows, as a combined 101.3mcm of capacity was offline at the Nyhamna and Kollsnes processing plants.
The outages were due to an ongoing external power failure affecting both facilities along Norway’s southwest coast.
National Gas data shows that GB storage stood at 9.0GWh on Thursday, well below the 18.5GWh recorded for the same date last year, though LNG stocks are slightly higher year-on-year and 2 vessels are expected to arrive by 27th July.
Baseload power prices reversed direction on Thursday, with most contracts beyond the prompt going back on the modest gains recorded in the previous session.
The shift came amid a continued decline in renewable output, which accounted for just 19% of the generation mix—down further from 24.8% the day before.
In contrast, gas-fired plants (CCGT) remained the largest source of power, meeting 34.6% of total electricity demand in Great Britain.
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Price commentary courtesy of Crown Gas and Power 