Europe & Russia this month
Day-ahead prices eased at the start of December, pressured by strong supplies and mild weather.
The NBP day-ahead was around 44-45 p/th in the middle of December, down from highs of 53 p/th in early November. Cold snaps in October and November supported hub prices and forced up heating-related gas demand. However, milder temperatures in December reduced demand, with consumption in the UK falling below seasonal norms. With largely average temperatures forecast to dominate for the rest of the month, demand-side support for prices is expected to be relatively limited compared with October and November. The forecast for the peak of winter is for temperatures to generally be around average, which will also limit the upside for demand-side price support.
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