Gas prices climbed higher yesterday with direction provided by a rebound in carbon, while coal was stable and oil turned slightly bearish. Upward movement on the prompt was restricted by a healthier renewable forecast for today which will lead to a drop in CCGT demand.
Gas prices were pushed higher by strengthening coal, carbon and oil markets and erased any losses displayed at the start of the session. CCGT demand was also forecast to rise today due to weaker renewable power, with a long system having little impact on prices.
Gas prices inched lower during yesterday’s session following the trend set by European energy markets. Brent was the only market to strengthen, with sentiment provided by positive OPEC comments and seemingly relaxed tariffs on China.
Gas prices displayed strong upward movement during Monday’s session with direction coming from rising coal and carbon markets. The prompt was the exception to the bullish trend as the system was oversupplied throughout the day thanks to an increase in Norwegian flows.
Near-curve gas prices were on the rise on Friday, while contracts further out were mostly flat. Coal and oil prices moved down, limiting upward movement on the far-curve, while a strong carbon market dictated the front of the curve.