Wholesale prices react to constrained gas imports from Norway

Intraday volatility was observed at the NBP on Wednesday as gas prices were affected with falling system demand and constrained Norwegian exports.

The Winter 25 front-season contract seemingly attempted a breakout above the 100p/therm psychological level, but this was ultimately unsuccessful leading to a gradual reversal and sell-off into the close.

The peak of Norwegian summertime maintenance has passed without too much disruption, possibly easing risk premium across European gas hubs. Data from operator Gassco does however show that, as of this morning, external power supply failure has extended works at the Troll field, removing a relatively small 11.3mcm/d of capacity for an uncertain duration.

Baseload power prices mirrored mixed movement on the NBP. Wind turbine output emerged as the single largest source of power generation across the gas-day, contributing 24.2% to the GB power mix, with nuclear at 21%, gas (CCGT) at 22.2% and solar at 14.3% (data from National Grid).

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

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