Colder temperatures have provided demand-side support to the NBP day-ahead this week after a drop in prices last week. However, the trend is not set to last as the late cold spell will give way to milder temperatures, forecast for much of the country during the next seven days. Supply-side support for prices will also end within the coming days as temporary outages are resolved.
The NBP day-ahead was close to 42 p/th late last week but dropped to around 40.6 p/th by the end of the week. The NBP was still above 40 p/th on Tuesday. Colder weather hit the UK at the start of this week and brought snow to parts of the country, pushing up heating-related gas use and overall demand for the fuel. UK gas demand is forecast to be 12% above seasonal norms on Wednesday as lower temperatures will dominate in much of the country.
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