NBP and UK power prompt markets released significant value that had been accrued during Week 9 as weather conditions improved as the “beast from the East” appeared to move away from the UK. A warm blast of air lifted temperatures during Week 10, however conditions were still below seasonal average. The near curve on both fuels remained supported amid concerns of a cold spell forecast for the latter half of March and start of April.
In addition, European gas stocks were drained during the month of February, with the level in storage now at a 5 year low which added premium for summer delivery in anticipation that stocks will need to be replenished ahead of winter.
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