Europe’s hubs fall after July highs, but stay above 31 p/th10 August 2016
The NBP day-ahead was around 33 p/th on Tuesday, down from the highs of 36-37 p/th seen in late July. Planned and unexpected outages have reduced supply to the UK in recent weeks, helping to push up prices. With demand below seasonal norms and warm temperatures expected in much of the country, the upside for demand is limited over the next week. But as seasonal maintenance continues reduced supplies are expected to help provide a floor to prices.
The pound has fallen against the euro in recent days, pushing up the price of continental hub gas in p/th terms. The TTF day-ahead was €12.7/MWh on Tuesday, down by 14% from its late July peak. However, the fall in p/th from late July was just 9%, with the TTF day-ahead around 32 p/th on Tuesday.
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