Near curve prices continue to fall amid healthy supply of gas
Prices continued to fall on Thursday, guiding the market into its fifth consecutive day of reductions.
The Summer 26 front-season contract appears to be holding below 70p/therm first reached in Tuesday’s session.
With news of no solid developments regarding the 28-point Russia-Ukraine peace plan as we pass the initial Thanksgiving deadline, Russian diplomats are expected to host US Envoy Steve Witkoff at the Kremlin next week, presumably with the intent of reviewing the plan.
No unplanned works reported at UK or Norwegian gas fields yesterday and a steady stream of LNG cargoes from the US continues to help reduce near-curve prices.
A more decisively bearish session for the baseload power curve on Thursday as participants eyed a strong uptick in wind generation.
According to data from Elexon, wind output averaged at a rate of 20.2GW yesterday, an increase of 67% when compared to Wednesday that accounted for 53.5% of total generation.
This was countered by increases in the carbon market, with data from ICE showing that the Carbon EUA benchmark contract has accrued gains of 2% so far this week, and continues its upward trajectory on Friday morning, at time of writing.
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Price commentary courtesy of Crown Gas and Power 