Activity Survey 2014
The NBP market was characterised in 2013 by low daily volatility, narrow summer-winter spreads and the almost complete erosion of the former ‘risk premium’ in forward winter prices. However, we still saw a sharp spike in day ahead prices in late March 2013 at a time of cold weather, low stocks and a brief interruption in interconnector imports. This has not been repeated in the winter of 2013 to 2014, which has so far proved to be milder than normal.
1
2
Figure 30: Day Ahead and Front Winter NBP Prices
100
3
Day Ahead Front Winter
90
80
4
70
60
50
5
40
30
6
20
Gas Price (pence per therm)
10
7
0
Source: ICIS Heren
8
9
10
11
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