Wholesale prices ease as Norway increases supply

Gas prices softened on Friday at the NBP amid increased Norwegian flows and high storage levels.

The largest losses of the session were posted across the near-curve, with the July-24 front-month contract shedding over 0.03p/kWh when compared to its previous closing price.

The resolution of repairs to the Nyhamna and Sleipner facilities resulted in an increase of Norwegian flows on Friday. According to data from offshore operator Gassco, nominations via the Langeled pipeline into Easington increased by a huge 34.5 mcm/d when compared the previous gas day.

Furthermore, strong European storage perhaps eased supply concerns further, data from Gas Infrastructure Europe shows storage levels currently sit at around 72% full. An increase of almost 10% when compared to the 5-year average.

This morning gas prices have opened in bearish territory at the NBP, with the Winter-24 contract last trading circa 1.5p/therm (0.05p/kWh) below its previous settlement at time of writing.

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