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Natural gas & LNG

Executive Summary November 2019

Regional analysis & forecasts
Market overview

Market developments

  • The NBP month-ahead futures contract recovered to an average 42 pence per therm in first half November, up from summer lows around 24 p/th. NBP prices in H1 November have been on average around 38% lower than they were a year earlier. 
  • Weather forecasts typically suggest a mild winter in western Europe. Although November has been colder than forecast, winter temperatures are expected to be below normal only in eastern Europe. 
  • Higher gas demand this winter in Europe is therefore expected to be driven by coal-to-gas...