Europe & Russia: Price trends
The NBP day-ahead saw sudden declines in the middle of June, but European hub prices have been relatively steady as the weight of weaker summer demand has yet to hit the market.
The NBP day-ahead saw a dramatic drop of more than 10 p/th within a week in the middle of June. Weakening demand in the UK has reduced support for prices. Additionally, the closure of the Interconnector UK (IUK) for maintenance effectively trapped gas in the market, adding supply side pressure to prices. The NBP day-ahead dropped to 25 p/th but was back up to around 34 p/th by 20 June, supported by higher demand.