Prices up slightly amid Norwegian pipeline maintenance
NBP gas prices swung higher on Wednesday, holding within a narrow range as the market weighed a mix of bullish and bearish drivers.
Norwegian pipeline flows recovered slightly, running closer to full capacity ahead of the next round of planned maintenance.
On the geopolitical front, tensions persisted, with European hubs closely monitoring the upcoming US-Russia talks and a scheduled, virtual meeting of European leaders with the US President, which could help to set the tone of the meeting and any subsequent agreements.
President Zelenskyy is not expected to attend the Russia-US summit in Alaska on Friday, but UK and EU leaders asserted that Ukraine should be involved in any negotiations regarding its territory.
A similarly bullish undertone observed along the baseload power curve as well-above temperatures continue to grip Europe.
Lacklustre wind generation did little to ease concerns, renewable power accounted for a modest 21.1% of the generation stack on Wednesday, supporting gas-for-power demand, which averaged 41% over the same period.
Frances 5.5GW Gravelines power plant, one of the largest in Europe, is now expected to restart 4 of its 9 nuclear reactor units over the next few days following a recent issue with its cooling system, improving scope for cross-border imports.
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Price commentary courtesy of Crown Gas and Power 