Prices continue to strengthen as peace dialogue between the US and Iran stalls
Market prices continued to strengthen on Tuesday, guided higher by stalling peace dialogue between the US and Iran.
Commercial shipping via the vital Strait of Hormuz route still remains minimal, and consists predominantly of Iranian flagged vessels and those with spoofed/offline transponders.
According to data from operator Gassco, Norway-UK flow nominations via the Langeled interconnector indicate that the pipeline is utilising less than half of its nameplate capacity.
Various planned and overlapping outages across the Norwegian Continental Shelf are restricting exports to Great Britain and mainland Europe.
A similar story for baseload power prices yesterday, with a lack of major developments regarding the Iran war pushing prices slightly higher on wider-market uncertainty.
Wind power continued its upward trajectory, averaging at 11.9GW (37%) on Tuesday, pressuring gas demand down to just 3.0GW (12.2%).
Geopolitical fundamentals continue to serve as the primary price driver for energy markets, with moves on power closely linked to adjacent gas oil, and carbon benchmarks.
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Price commentary courtesy of Crown Gas and Power 