Prices continue download trend amid strong EU gas storage levels
NBP prices continues downward trend to kick off the penultimate week of the summer supply season.
The Winter 25 front-season contract attempted repeatedly to break below the 85p/therm psychological level around midday but was unsuccessful, with tight Norwegian supplies and geopolitical instability serving as underlying support.
European storage injections are proceeding at a strong pace (80.58% met on Sunday) and are well placed to meet the EU’s target of 83% well before the wide October 1st and December 1st deadline period.
On the LNG front, 3 vessels are currently signalling for the UK’s Milford Haven and Isle of Grain terminals by 4th October, two of which are from Qatar and another from Algeria.
Wind power continued to dominate the British generation mix over the weekend and across Monday. Yesterday saw wind average 18.9GW, 60.2% of the generation stack, with a further 7.3% from renewable solar and hydro.
Gas (CCGT) was heavily curtailed over the same period, at just 3.1GW (10.1%) easing tightness across Northwest Europe amid seasonal maintenance in Norway.
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Price commentary courtesy of Crown Gas and Power 