Prices bounce up slightly amid steady supply fundamentals

NBP gas prices bounced up slightly from 3-week lows on Tuesday as steady fundamentals keep the market locked into a narrow range.

Exports to continental Europe averaged at a rate of just over 50mcm/d across the session amid robust storage injection demand to meet EU targets.

Aggregated storage levels in the bloc stood at 65.42% as of Monday 21st, 17.47% below the same date last year and circa 4.6% below the 5-year moving average for this date.

Yearly maintenance at Norway’s Troll field, ongoing since 5th June, is scheduled to conclude on 25th July- restoring 21.8mcm/d of production capacity and helping to shore up regional supplies.

A similar upward correction observed across the baseload power curve amid elevated imports and firm gas-fired generation.

Unplanned works at nuclear facilities including Hartlepool and Torness contributed to robust demand for interconnector flows from France, where nuclear output has recovered following the end of the recent heatwave which closed several reactors.

CCGT demand was unchanged when compared to Tuesday at 9.2 GW, 30.8% of the British generation stack.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Price commentary courtesy of Crown Gas and Power Power report courtesy of Crown Gas and Power

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