Europe & Russia Price trends

Weak regional output and high demand for gas for stock builds, combined with rising oil prices are supporting European hub prices.

The NBP day-ahead price was around 56-58 p/th by mid-May, having averaged around 50.7 p/th in April. Cold weather at the end of the winter supported higher seasonal demand in April, pushing the UK’s gas consumption up by 7% on an annual basis. However, although this strong seasonal demand has dissipated, weaker output is one factor now supporting prices. European output fell in March, and...