NBP gas winter-summer spreads hold firm

The prices of British natural gas summer- and winter-delivery contracts have moved in line with each other in March, despite Centrica Storage’s decision not to offer any capacity at Britain’s only seasonal storage site Rough for 12 months starting from April.

The premium held by the NBP Winter ’17 over the Summer ’17 product rose to 6.663p/th on 28 February after CSL said it would look to offer zero capacity at Rough for the 2017-18 storage year, which runs from 1 April to 31 March. But the spread has failed to increase over subsequent weeks.

In this market highlight, ICIS looks at what has driven the key NBP summer-winter spread recently, and at which months are shaping up to be the most risk-laden at the NBP next winter.

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