Gas prices rebound as Norwegian supply goes offline

Gas price rebounded on Thursday amid offline capacity in Norway. The biggest moves were posted on the near-curve, where gains averaged circa 1.3p/therm (0.04p/kWh) when compared to their previous close.

An unanticipated slump in Norway-GB flows likely played into bullish sentiment at the front-end; according to data from Norway’s Gassco both the Visund and Oseberg dented the countries production by 16.9mcm yesterday and subsequently contributed to a 17.8% daily decline in export flows to Great Britain via the Langeled pipeline. Although British demand dropped slightly from the previous gas-day which likely helped to offset the drop in supply.

In other news, The Labour Party is set to form a government later today after winning a landslide in yesterday’s General Election. One of the key promises within the party’s manifesto was the formation of a new public owned ‘Great British Energy’ company which is intended to increase investment in the green power sector and reduce the UK’s reliance on imports.

This morning, gas prices are being offered at a slight discount with the Winter 24 front season contract currently being offered circa 0.75p/therm (0.026p/kWh) below its previous settlement, at time of writing

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