Prices steady amid largely unchanged supply fundamentals

NBP gas prices held onto the previous session’s losses on Friday amid largely unchanged fundamentals.

European storage levels remained a key focus for market participants; according to data from Gas Infrastructure Europe, overall storage stocks stood at 82.38% capacity on Saturday slightly narrowing the gap when compared to the same date last year [91.48%].

Strong LNG supply likely helped ease the pressure. The latest shipping signals suggest that up to 10 cargoes could arrive over the next two weeks, though Storm Darragh has caused disruption at the Port of Milford Haven over the weekend, with at least one vessel the ‘Lobito’ currently waiting offshore.

In other news, the more than 60 year old Syrian Al-Assad regime was overthrown by rebel forces over the weekend. While this will not directly impact UK energy imports, markets will closely follow developments due to existing geopolitical instability in the Middle East.

This morning, gas prices have opened at a slight discount, with the Summer 25 front-season contract currently being offered circa 1.5p/therm (0.05p/kWh) below its previous settlement at time of writing.

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Price commentary courtesy of Crown Gas and Power