On Monday of last week, weak Norwegian and British offshore supply, coupled with strong exports to Belgium pushed the system 17mcm short at the start of the gas day. Ongoing maintenance ceased flows into Britain via the Vesterled pipeline whilst outages cut Langeled nominations to 43mcm. The following day, products out on the curve remained strong whilst the prompt weakened. Low British demand and an oversupplied system contributed to what was close to a 1.00p/th fall in the Day-ahead contract.
However, firm carbon and coal prices continued to alleviate contracts out on the curve. Although coal has largely been squeezed out of the generation mix in recent sessions by higher renewable generation and lower consumption, strong coal futures continued to add bullish sentiment in the market.
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