Wholesale market reacts to Trump-Putin talks
Gas prices were hammered down further at the NBP on Friday ahead of Trump-Putin talks.
High European storage levels continued to offer underlying support to the curve, according to the latest data from Gas Infrastructure Europe, overall stocks stood at 73.57% as of Saturday, with net injections recorded for all but one day since 9th April.
This is despite exceptionally low levels at the Rehden facility in Germany, which is the largest in the EU, meaning plenty of space remains unallocated ahead of the looming winter supply months.
This morning, the Winter 25 front-season contract continues to hold below the key psychological level of 85p/therm (2.9p/kWh) ahead of US/Ukraine/EU talks at the White House this afternoon.
Baseload power prices also observed a bearish session on Friday, steered by a broader decline across the wider energy complex.
This movement was underpinned by stable supply fundamentals, which helped temper market volatility.
In addition to the steady supply outlook, updated forecasts pointing to stronger wind generation in the latter half of August added further downward pressure.
As renewable output increases, particularly from wind, the anticipated reduction in gas-fired power demand is likely to ease pressure on gas markets, reinforcing the bearish sentiment in power pricing.
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Price commentary courtesy of Crown Gas and Power 