Prices rise further as Iran claims that they attacked 7 tankers in Strait of Hormuz
Thursday saw a compounding of Wednesdays gains at theNBP, with Summer 27 breaking above psychological resistance at 170p/therm (5.8p/kWh) and closing an additional 2.5p/therm (0.09p/kWh) above its previous settlement.
Iran claimed seven tankers were damaged in the Strait of Hormuz overnight, possibly the most in a single day since the war began, while the IRGC threatened US bases and Trump said there are no negotiations and that something will happen “fairly soon”.
The escalation dented diplomacy hopes and fed worries over LNG flows and Europe’s record-low seasonal storage. Reports of unplanned maintenance at the Troll and Åsgard fields across Thursday and Friday served as a secondary source of support.
Tracking the rally in gas, baseload power posted a second consecutive day of gains on Thursday, though the generation mix offered only limited support.
Wind output eased from 44.8% of the stack to 40.0%, while gas-fired generation held steady at 20.3%, leaving renewables at 58.0%.
Imports filled the gap, rising from 12.1% to 16.9% of supply. That reliance looks more uncomfortable given delays in France, where EDF has pushed back the return of 2.6 GW at Cattenom and postponed the restart of its 1.5 GW Chooz 2 reactor.
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Price commentary courtesy of Crown Gas and Power 