NBP softens amid stronger Norwegian gas flows

The NBP curve softened on Thursday amid, stronger Norwegian flows and positive Trump-Xi trade rhetoric.

According to data from Norwegian operator Gassco, pipeline flows into the UK’s Easington terminal reached 65.4mcm, a sharp increase from 35.4mcm the day prior, thanks in part to the conclusion of planned maintenance at the major Troll field, which removed 46.7mcm.

British short-term LNG storage has now edged higher when compared to the same time last year thanks to strong imports across October and a healthy number of vessels signalling to arrive over the next fortnight , which should serve to reinforce this branch of supply.

Baseload power contracts observed mixed movement, with small gains and losses spread across much of the curve.

Renewable generation has remained notably strong throughout the week, exerting downward pressure on the prompt and near-curve by reducing reliance on gas-fired generation.

Imports however, have remained fairly consistent, as high renewable output typically promotes system imbalance, that for the moment, is largely corrected by cross border exports that benefit from steady French nuclear generation.

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Price commentary courtesy of Crown Gas and Power