Prices fluctuate as market awaits news of US and Russia talks
Gas prices continued to fluctuate within a narrow range at the NBP on Monday ahead of US-Russia talks.
Modest losses of approximately 2p/therm (0.07p/kWh) were posted across the near-curve, with the front-month and front-season contracts settling just above the 100p/therm psychological level.
On Monday, the Kremlin confirmed that Presidents Trump and Putin had arranged a phone call for Tuesday afternoon (UK time). The two leaders are expected to discuss potential amendments to the 30-day ceasefire agreement drafted by US and Ukrainian diplomats in Saudi Arabia last week.
Market participants continue to closely monitor developments in the Russia-Ukraine war due to Russia’s status as the world’s second-largest natural gas producer.
A longer-term peace agreement could potentially pave the way for the resumption of pipeline flows to some member states within the European Union.
This morning, the NBP has resumed its downward trajectory, with the Summer 25 front-season contract currently being offered approximately 1p/therm (0.034p/kWh) below its previous settlement, at time of writing.
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Price commentary courtesy of Crown Gas and Power 