Wholesale prices dip as demand drops

NBP gas prices edged lower on Wednesday amid falling domestic demand.

Key contracts continued to ebb and flow within the narrow range established over the past few weeks, with the November 24 front month contract moving 1p/therm (0.03p/kWh) below its previous close on improved demand fundamentals.

According to data from National Gas, LDZ (Local Distribution Zone) demand averaged at a rate of 95mcm/d across Wednesday, a decrease of around 25% when compared to the previous session as temperatures moved closer in line with seasonal norms.

While the BBL (NL-UK) interconnector remains primed for exports into Great Britain, NBP prices are currently holding at a sustained discount when compared to the Dutch TTF gas hub, dissuading EU export flows for the time being due to their relatively higher cost.

This morning gas prices are relatively unchanged, with most being offered not too far from their previous settlements at time of writing.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Price commentary courtesy of Crown Gas and Power Power report courtesy of Crown Gas and Power

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