LONDON: UK exports of natural gas to Belgium through the Interconnector look set to increase to a three-year high Wednesday after a bearish NBP spot Tuesday led to the ZEE/NBP day-ahead basis widening to its highest since June 2014, according to analysis by S&P Global Platts.
The ZEE day-ahead contract was assessed at 29.075 pence/therm Tuesday, a 2.25 p/th premium to the NBP equivalent, in comparison to the August 1-26 average of a 0.923 p/th discount, Platts price data shows.
The ZEE/NBP day-ahead basis has flipped to positive recently on the back of solid UK gas production and steady Norwegian gas imports, with the ZEE and TTF peers supported by high prices in France allied to weaker Norwegian flows to Continental Europe on the back of Karsto maintenance.