Temperatures in Europe rise but hub prices refuse to slide

The NBP day-ahead averaged around 33-34 p/th ($4.68-4.84/MMBtu) last week, while day-ahead prices at Europe’s other major hubs stayed above 31 p/th. The TTF day-ahead was roughly 33 p/th on Tuesday, while the NBP was close to 34 p/th. Demand in the UK has remained above seasonal norms in recent days, a trend forecast to continue as power offtake in the country is expected to remain strong. Although the year-on-year growth in the gas demand from the UK power sector has eased during the first half of June, offtake levels are still significantly higher than at the same time last year, boosting overall demand.