Gas prices displayed strong losses yesterday, with the largest decreases displayed at the front of the curve. A weak demand forecast for the bank holiday and an expected drop in gas-fired power demand contributed to the bearish sentiment.
Gas was bearish during Tuesday’s trading, ignoring increases on oil, coal, power and carbon markets. Warm weather and improved flows from Norway sent the system long, resulting in losses across the near curve.
Gas prices increased across the curve yesterday, pushed higher by a rise in coal and oil which supported the overall energy complex. However, the afternoon saw a few minor price reversals as short-term fundamentals were bearish.