Prices trade within narrow range amid looming US tariff deadline

Gas prices at the NBP remained confined to a narrow trading range on Monday.

Market sentiment was likely supported by the looming deadline for the introduction of U.S. tariffs, as European gas hubs monitor the potential global market impact.

Although an earlier executive order had postponed the tariffs until August 1st, President Trump intensified pressure by issuing letters to nations yet to reach an agreement with the U.S., warning of steep tariffs on a range of goods.

On the supply side, a relatively subdued Norwegian maintenance schedule helped temper any significant upward price momentum.

According to data from Gassco, ongoing maintenance is currently curbing available volumes by approximately 15 mcm/d; a level expected to persist through to late August.

Similarly, the power market saw limited price movement, with baseload contracts trading within a narrow range.

Persistent warm weather across Europe continued to drive up electricity demand, primarily due to increased cooling demand.

However, a sharp rebound in wind-output helped cap further price gains. According to data from National Grid, wind-generated power surged by over 88% day-on-day; subsequently reducing reliance on CCGT (Combined Cycle Gas Turbine) output by approximately 39% compared to the same period.

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Price commentary courtesy of Crown Gas and Power