US election result helps ease wholesale market

NBP gas prices saw marginal losses on Wednesday as markets digested the US election result.

Small, incremental moves were posted across much of the curve, with the Winter 25 contract seeing the biggest losses of the session after edging circa 0.6p/therm (0.02p/kWh) lower when compared to its previous close.

News of a Trump victory in the US Presidential Election appeared to play into the bearish sentiment. The incoming administration is expected to advocate for increased fossil fuel production alongside a softer stance on LNG regulation, this comes in sharp contrast when compared to the Biden administration which paused the development of new export facilities earlier this year, a decision that was later overturned.

This morning, the market appears to have rebounded considerably, with the Summer 25 front-season contract currently being offered circa 2p/therm (0.07p/kWh) above its previous settlement, although many contracts have yet to trade at time of writing.

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Price commentary courtesy of Crown Gas and Power