Gas prices reduce amid increased supply from Norway

Gas prices shed value on Friday amid increased Norwegian supply and subdued demand.

Sizeable losses of circa 0.12p/kWh were posted across the near-curve, with a rebound in Norwegian exports helping to hammer down prices. A surge in Norwegian exports to Great Britain via the Langeled pipeline likely served as key source of pressure throughout the session.

Data from offshore operator Gassco shows that flow nominations into the Easington and St Fergus terminals increased by a massive 60% when compared to the previous gas-day.

Unchanged demand fundamentals continued to reduce pressure. The latest run of our 14-day demand model maintains that demand is expected to remain comfortably below seasonal norms until at least 26th May, thanks in part to the above-average temperatures we have seen as of late.

This morning, key contracts are holding at a level reminiscent of Fridays close, with the Winter-24 front-season contract currently being offered just 0.01p/kWh below its previous settlement, at time of writing.

The UK is currently consuming 29.07 GW’s of electricity (09:30 – 10:00).

The UK’s onshore and offshore wind turbines are currently generating 5.48 GW’s (17.70%) of the UK’s total electricity with solar generation at 4.18 GW’s (13.49%) and gas for power generating 7.42 GW’s (23.94%) of the total.

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