The NBP gas curve has opened in negative territory this morning, retracing much of Friday’s gains

Intra-day Report

While UK gas and power markets were closed due to the bank holiday yesterday, oil markets were supported by concerns over further U.S. sanctions on Russian oil following comments made by U.S. President Donald Trump on Friday. Ukrainian attacks on Russian energy infrastructure over the weekend added further upside, with the front month Brent contract closing at a premium of $1.07 on its previous settlement. European carbon prices settled marginally higher in what was a quiet day in terms of trade, with the Dec-25 EUA contract gaining €0.47 a tonne.

Markets this morning

Numerous maintenance outages, including at Troll and the Easington Langeled terminal, are impacting Norwegian flows into the U.K. today. Despite this, the GB system is currently showing a surplus, with reduced gas for power demand and increased nuclear availability helping to meet demand. European storage levels have now risen to 75.99%, alleviating demand pressure for storage injections over the coming weeks and easing supply risk ahead of the winter period. The September 25 contract last went through at 82.64p per therm, a 1.03p decline on Friday’s close. Meanwhile on the prompt activity is so far quiet. Crude oil prices are also trading in negative territory this morning as markets continue to digest the prospect of further sanctions on Russian fuel supplies as well as ongoing developments surrounding the war in Ukraine. The front month Brent contract last transacted at $68.09 a barrel, down 72 cents from yesterday’s close.