Following a slightly bullish open, gas prices eased down by the end of the session, tracking movement across overall energy markets. Healthy supply levels also coincided with a drop in demand, resulting in a long system which added to the bearish pressure.
Far-curve gas prices moved down during Friday’s session and ended the week with an overall loss; a drop in coal and carbon helped towards the downward trend. However, spot prices were largely bullish due to the colder weather forecast.
Gas prices at the front of the curve moved higher during Thursday’s session, while contracts further out continued to move down. Far-curve prices ignored a rise in coal and oil, while the near-curve found support from the colder weather outlook.
Gas prices were largely stable during Wednesday’s session but recorded losses towards the end of trading due to a strong decrease in oil prices. This had a knock-on effect on overall energy markets, with healthy supply adding to the bearish pressure at the front of the gas curve.
Gas prices continued to strengthen yesterday with support provided by an increase on overall energy markets, with oil & coal both moving higher. A colder weather outlook also added to the bullish sentiment, with an increased reliance on gas-fired power helping the prompt close at a premium.