Prices continue to soften amid strong supply fundmentals and Israel-Hamas ceasefire
NBP gas price continued to soften on Thursday amid strong supply fundamentals and news that the first phase of a new Israel-Hamas ceasefire and hostage deal has been agreed.
The first phase will involve the release of all remaining Israeli hostages and nearly 2,000 Palestinian prisoners, alongside a conditional Israeli troop withdrawal from Gaza.
Exports to continental Europe continue to hold at zero, with steady Norwegian flows and a steady stream of LNG vessels signalling for UK terminals also helping to reinforce the bearish supply outlook.
NTSA data suggests that UK production is declining at a slower rate than forecast thanks to start up of new projects such as the Victory gas field 47km North-west of the Shetland Isles, crucial for curbing reliance on exports over winter.
It was a relatively subdued session for the power curve, with prices continuing to mirror movements across a mixed wider energy complex.
Gas and oil benchmarks softened, while EUA carbon prices edged higher—each exerting opposing pressures on wholesale pricing components.
Renewable generation remains at respectable levels, though output is expected to fluctuate for the foreseeable future.
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Price commentary courtesy of Crown Gas and Power 