Prices dip lower helped by conclusion of Norwegian pipe maintenance
NBP gas prices dipped a little lower on Wednesday, as pipeline flows from Europe’s largest supplier, Norway, rebounded strongly following the conclusion of seasonal maintenance across offshore assets.
According to data from operator Gassco, flow nominations to Great Britain totalled 96.9mcm on Wednesday, the highest level in almost five years and enough to meet over 53% of forecasted GB gas demand.
Bearish moves on the NBP and recovering French nuclear capacity helped UK power prices on Wednesday.
According to data from French grid operator RTE, nuclear generation averaged 44GW, an increase of circa 10% day-on-day, helping to balance fluctuating renewable output of neighbouring countries and reducing demand for pricier gas-fired (CCGT) generation.
Further downside was perhaps limited by the continuation of a strong upward correction on Europe’s oil benchmark.
According to data from ICE the Brent Crude contract surged an additional 2.3% above its previous close, as heightened geopolitical tensions and tightening supply fundamentals offered support.
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Price commentary courtesy of Crown Gas and Power 