Market largely unchanged amid uncertain US-Iran peace progress
The market traded in a narrow range at the NBP on Thursday as fundamentals remained largely unchanged.
Underlying support stemmed from uncertain US-Iran peace progress, which continues to heighten risk premiums and limit downside potential.
Moving into Friday, the Winter 26 contract is hovering just above 120p/therm (4.1p/kWh), which is acting as the market’s key psychological level.
Meanwhile, the near-term peak of planned Norwegian maintenance has passed without any major disruptions or delays reported yesterday.
Flow nominations via the Langeled pipeline (NO-UK), have roughly tripled to 21.1mcm and should continue to recover over the weekend.
A similarly flat session for baseload power prices as markets paused to assess peace prospects in Iran and settled generation dynamics.
According to data from Elexon, wind power averaged at 9.4GW (30.4%) in yesterdays session, retaining its place as the largest source of generation ahead of gas at 6.5GW (21%).
Sunny and settled conditions are expected over the bank holiday weekend which should support solar generation, while at the same time supressing overall system demand.
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Price commentary courtesy of Crown Gas and Power 