The current conflict, is doing no favours for the rising energy prices in the United Kingdom (UK). Below shows the current market breakdown of energy:
UK Natural Gas:
UK NBP natural gas month ahead contract is at 165.15 p/th, up 13.5% since Friday’s close amid ongoing maintenance which has tightened the system .A cooler end to the month also added further risk premium and the NS2 certification news further offered further support. There are 0 LNG tanker(s) due into the UK during the next fortnight. The UK natural gas storage level is at 86%. Current forecast demand is at 153 mcm/d, 10 mcm (6.5%) below seasonal normal demand, while forecast supply is at 141.5 mcm/d, leaving the system 11.5 mcm (7.5%)
undersupplied. UK NBP natural gas front season contract closed at 168.09 p/th, up 13%, since Friday’s close.
UK Electricity:
UK electricity baseload month ahead contract is at £145.75/MWh, up 8.8% since Friday’s close, supported by surging UK NBP natural gasprices and a weak suply outlook over the next few week . UK electricity demand is expected to peak at 34.6 GW, up 0.4 GW from yesterday. UK wind power generation is expected to peak at 3.6 GW today (10.3% of total supply), while nuclear power production is nominated at 4.8GW (13.9% of total supply). UK electricity baseload front season contract is at £150/MWh, up 7.1%.