Prices maintain upward trajectory amid increased demand for LNG

Gas prices continued their upward trajectory at the NBP on Friday, with the most significant movements observed at the front end of the curve.

The Winter-25 contract posted gains of over 1.6p/therm (0.055p/kWh) when compared to its previous settlement.

Ongoing concerns over supply were perhaps intensified by persistently low LNG deliveries, as cargoes increasingly divert away from European terminals toward Asian markets, where a widespread heatwave is driving heightened demand for cooling purposes.

Baseload power prices also edged higher on Friday, although the gains were notably more subdued compared to those in the gas market.

A sustained decline in wind-generated power perhaps helped support the increases to to near-dated contracts.

According to data from National Grid, wind output dropped by over 30% from the previous session, marking the sixth consecutive day of falling wind generation.

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Price commentary courtesy of Crown Gas and Power