Prices steady as mediators deliberate US proposed Israel-Gaze peace deal
An initial uptick during morning trade was short-lived, with contracts across the curve posting minimal price changes when compared to Monday.
Negotiations continue in Egypt as mediators from several countries deliberate the US proposed 20-point Israel-Gaza peace agreement.
Details about progress are scarce so far, with such talks typically being a secretive affair. US President Trump has indicated that he believes the talks are progressing positively.
Norwegian supply is trending much higher than last week, but with some intermittent disruptions. The Troll field is still operating at reduced output (-5.9mcm) due to process problems, though planned works at the Kårstø plant have been dismissed by its operator, freeing up capacity elsewhere.
Similarly directionless trade observed across seasonal baseload power contracts on Tuesday, with weakening renewable generation offering underlying support to the prompt (within day and Wednesday delivery) which did post significant upside of £4/MWh day-on-day.
Data from Elexon shows that wind generation comprised 28.5% of the GB power mix across Tuesday, still serving as the largest source of generation but down from 39.9% on Monday and 60.8% on Sunday.
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Price commentary courtesy of Crown Gas and Power 