13th March 2013 | Posted by: Sarah Cooper | Market Analysis
The gas market saw the key NBP DA contract trade 7.00ppt higher yesterday; closing at 95.50ppt - a 13-month high. The market was waiting for news of milder weather, which would give storage players the opportunity to inject… but the forecast indicated this wasn’t going to happen. NBP remained bullish throughout the session, amid news of high demand and supply constraints related to the outage at Rough storage facility. We’re seeing, as you can expect, higher electricity consumption because of the cold weather. This is offering strong support to Day-Ahead power prices.