Europe & Russia: Price trends

September 2016

The greatest level of volatility since the spring of 2013 has hit NBP day-ahead prices in recent weeks.

NBP day-ahead prices have seen waves of volatility since late August. Prices dropped by 20% at the end of August, from roughly 29 p/th to 23 p/th in three days. Influxes of supply were met with demand weakened by the closure of Rough to injections and high stocks at the UK’s other storage facilities, resulting in the market failing to absorb the increases in supply, despite strong exports to the continent. After reaching a low of 21 p/th, prices rebounded by 30% at the start of September. This is the greatest level of short-term NBP day-ahead price volatility seen since the spring of 2013.

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