Late winter support has driven European day-ahead prices to seasonal peaks, but they are likely to ease.
Colder weather hit parts of Europe in early February at a time of tighter supply, forcing up day-ahead prices at the NBP and on the continent. The NBP day-ahead rose to nearly 61 p/th in early February, roughly 32 p/th higher than at the same time last year. Increased restrictions on the maximum withdrawal rates at the Rough storage facility in the UK have further limited the facility’s supply flexibility. This, combined with temporary reductions in North Sea flows, provided supply-side support for prices.
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