Prices increase amid unplanned Norwegian maintenance
NBP prices increased on Friday, closing at a slight premium week-on-week.
Unplanned Norwegian maintenance contributed to the pressure, according to data from operator Gassco, reduced production at the Kristin and Åsgard fields combined to remove 13.1mcm of export capacity, though both have been resolved as of this morning (Monday).
Robust LNG fundamentals continued to serve as a price ceiling for the Winter 25 front-season, though the pace of deliveries slowed in August and September, year-to-date cargoes are holding significantly higher when compared to 2024 (91 to 71) with fairly muted demand across East Asia and steadily expanding global capacity also improving the longer-term LNG outlook.
The UK power curve decoupled from its NBP counterpart on Friday, with the front-season recording modest losses and ultimately closing at a slight discount week-on–week.
Strengthening renewable generation into the weekend likely helped to guide the market lower.
National Grid data shows that wind served as the largest source of power generation on Thursday, Friday and Saturday, minimising the need for gas burn at CCGT power stations.
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Price commentary courtesy of Crown Gas and Power 