Prices briefly hit six month lows amid a steady stream of LNG cargoes
The NBP downtrend persisted on Monday, with the front-season summer 26 contract settling at just above a six-month low of 74p/therm – a level last breached in June 2024.
A steady stream of LNG cargoes is helping to sure up the near-term winter/storage outlook.
The latest shipping signals indicate that up to 6 vessels could arrive at UK terminals over the next two weeks, 5 of which are from the US and 1 from Angola.
Only minor disruptions to Norwegian and UK production at the moment, with a trip at the UK’s Culzean gas field briefly removing 5.6mcm of capacity yesterday and a 6.0mcm outage at Norway’s Troll field ongoing this morning.
Baseload power contracts held relatively steady when compared to their gas counterparts.
Bullishness on crude oil and carbon markets may have filtered into contracts further out along the curve. According to data from ICE the Brent Crude and Carbon EUA benchmarks rose by 0.7% and 0.6% respectively, propping up the cost of fossil fuel generation within the European power mix.
Forecasts of limited wind output and brisk temperatures in Northwest Europe from around 17th November are offering support to prompt and near-curve contracts on both power and gas markets.
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 