The NBP day-ahead has been volatile in recent weeks, with swings in supply the primary driver.
The UK NBP day-ahead has been supported by supply tightness and hit by oversupply in recent weeks. The closure of the Interconnector UK pipeline in late June kept volumes in the country during a period of low demand. This caused the NBP day-ahead to drop dramatically to just 25 p/th – a fall of more than 10 p/th within a week. Unexpected outages in Norway subsequently caused periods of supply tightness, which boosted the NBP day-ahead to roughly 39 p/th at the end of June and in early July. Demand has been weak during the period and the price swings have been driven by supply issues.
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