Reduced imports of gas from Norway forces prices up

Reduced volumes from Norway forced natural gas prices up on Monday.

Contracts across the curve posted day-on-day gains with the largest moves of the session observed at the front-end; the Summer-26 contract observed upside of over 2.5 p/th (0.085 p/kWh) when compared to its previous settlement price.

Scheduled works at the Nyhamna gas facility played into the bullish sentiment and lifted near-dated contract prices.

According to Gassco available volumes have been reduced by circa 20 mcm/d while the facility undergoes yearly maintenance with a completion date of January 16th expected.

On the power market contract prices unsurprisingly followed the same upward trend, driven by strong CCGT offtake and forecasts of cooler weather.

The Summer-26 front season contract observed gains of 1.5 £/MWh when compared to the previous session.

A heavier reliance on CCGT offtake perhaps helped to support near-dated power prices; data from National Grid shows that CCGT saw an increase of around 10% when compared to the previous session.

The sharp increase comes amid a fall in wind-output which saw a 5% reduction when compared to the same period.

As colder and drier weather is forecast to return to Europe, near term power products reacted sharply.

The Feburary 2026 contract closed almost 6 £/MWh above its previous settlement as expectations of cooler temperatures continued to support the market, a trend already evident from the start of trading this morning.

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Price commentary courtesy of Crown Gas and Power