Wholesale prices ease as LNG delivery schedule improves
NBP gas prices eased on Wednesday amid weaker carbon prices and a busy LNG schedule.
The biggest moves were posted across the near-curve, with the November 24 front-month contract declining by circa 2.5p/therm (0.09p/kWh) when compared to its previous close, as the UK’s LNG supply outlook continues to improve.
The latest shipping signals indicate that as many as 4 tankers could arrive at Britain’s Milford Haven and Isle of Grain terminals by 12th October (two from the USA and two from Qatar).
Elsewhere within the wider energy complex, the Carbon EUA (emission allowance) benchmark contract tumbled 1.6% to its lowest settlement since 5th April 2024 which may have exerted downward pressure onto contracts further along the curve (data from ICE).
In other news, Chevron Mediterranean Limited issued a statement confirming that production at Israel’s Tamar and Leviathan gas fields had resumed following a brief shut down in response to Iran’s attack on Israel late on Monday, alleviating concerns that infrastructure may have been damaged by the recent attacks.
This morning, gas prices have opened in similar territory, with most being offered very much in line with their previous settlements, at time of writing.
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Price commentary courtesy of Crown Gas and Power 