Near-curve gas prices displayed gains on Tuesday morning on the back of an undersupplied system. However, prices eased down as the session progressed as the supply picture remained comfortable with a number of LNG deliveries expected before the end of the month.
Gas prices showed little change from open to close, initially moving lower before rallying later in the session. The system was undersupplied which helped towards gains on the near-curve as a drop in renewable power lifted gas demand. A rise in oil also provided support to contracts further along the curve.
Gas prices continued to move down on Friday, adding to the bearish trend displayed throughout the week. Coal, power, carbon and oil markets all displayed losses, while the system was oversupplied throughout the session.
Gas prices displayed further losses yesterday, with increases on coal, carbon and power markets having little impact. LNG send-outs remained strong with 4 more deliveries expected to dock in the UK over the weekend, while oil eased down in the afternoon, weighing on some far-curve contracts.
Gas prices continued to move down on Wednesday as traders left their positions as the winter period comes to a close. Storages are close to capacity and flows into the UK are strong. Meanwhile, oil was the only market to increase during a very bearish session.