Troll Outage Pressures UK Gas System as NBP Futures Edge Higher Post-Bank Holiday

Markets this morning

The unplanned outage at the Troll gas field continues to dog Norwegian exports this morning, and the UK gas system is showing a 7mcm deficit.  Demand is pitched at 125mcm for the day with strong renewables denting requirements for gas the power stack. NBP futures opened higher after the bank holiday with June, trading up to 89.20p per therm, however, latest trades for the front month, which is due to expire on Thursday are closer to Friday’s close at 87.80p.  Carbon EUAs have eased by around 1.0% or 68 cent per tonne in early trading this morning while in the crude oil markets, Brent for July delivery is showing a modest decline with the latest exchange completed at $64.62 a barrel. The global benchmark has traded in a tight range this morning with geopolitical tensions and speculation on higher July output from OPEC+ vying for direction.