Dutch TTF and German THE markets tumbled yesterday
The UK gas and power markets were closed for the bank holiday yesterday but energy markets across Europe were open for business and gas prices at the Dutch TTF and German THE markets tumbled yesterday. Germany is well ahead of its target for storage gas supplies and is now expected to meet the target of 85% of storage capacity for October over the next couple of weeks. Crude oil prices increased by over 4.0% on Monday with Brent adding $4.10 to close at $105.09 a barrel. Talk of OPEC+ potentially reducing output provided support yesterday.
NBP prompt prices are also showing declines
NBP futures have slumped by up to 26.6% this morning with September down 163.36p to 477.00p. Today is the last day of trading for September on ICE and traders that fixed at last week’s record high prices are scrambling to get out of those positions this morning. The remaining months of the year are all down by over 165.00p, while the front winter last traded at 665.00p, down 162.08p. NBP prompt prices are also showing declines but trading thus far has been thin. After gaining over $4.00 a barrel yesterday, Brent is 40 cents down at $104.69 a barrel this morning