Europe & Russia: Price trends
Pressure on prices has been moderate at the start of summer.
European month-ahead hub prices have remained relatively buoyant at the start of the northern hemisphere summer. The NBP month-ahead was around 33-34 p/th by the middle of June, roughly 18% higher than it was in the middle of May. Month-ahead prices at the TTF and the NCG saw similar rises during the latter half of May and the first half of June. Scheduled maintenance should continue to provide supply-side support for hub prices during the summer and drives to restock will keep requirements supportive of prices even as seasonal consumption weakens. Support from supply/demand fundamentals will help keep prices relatively strong over the coming weeks.