Above average temperatures helps reduce need for gas

A continuation of bearish fundamentals helped further pressure gas prices at the NBP on Friday.

Price reductions was observed across the curve, with the largest losses seen at the front end.

This included the Summer-25 front season contract, which traded below 100p/therm (3.41p/kWh) for the first time since the 8th November.

Falling demand due to milder temperatures likely weighed on near-curve prices. According to data from National Gas, reliance on CCGT (combined cycle gas turbine) fell by over 58% when compared to the previous gas day.

Furthermore, a busy LNG schedule appeared to ease supply concerns with the latest shipping signals indicating that as many as 7 laden vessels are expected to berth by the end of the year. This includes the vessel “Cool Rider” which is scheduled to offload US volumes later today.

This morning gas prices have continued to plummet, with the Summer-25 last trading around 2p/therm (0.068p/kWh) when compared to its previous settlement

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Price commentary courtesy of Crown Gas and Power