NSR PPA and Green Gas Markets Pricing Update:

European gas prices ease with TTF around €35 MWh and the NBP at 85p per therm.

Summer v Winter gas spreads move slightly into contango, which may incentivise gas storage injections.

• LNG data show continued cargo arrivals into North West Europe.
• We have also noted US LNG cargo diverting from China, which we assume could be Tariff / Trade tension related.
• In other LNG news, Korea completed its recent import tender for supply through to June 2026.
• The weaker USD provided some support to the broader commodities complex.
• The dollar has been on a slide as Trump poses a potential threat to Fed independence.
• Gold surged above $3,400 to a record high on Monday.

Jamie Banks
PPA Manager at New Stream