Gas prices displayed little change during Thursday’s session despite a long UK gas system and weaker commodities. The prompt weakened thanks to mild temperatures and stable renewables, while a drop in coal and carbon limited upward movement further out.
Gas prices displayed a rebound during Wednesday’s session as the UK gas system fell short due to a drop in Norwegian supply. However, prices further along the curve were more resilient thanks to weaker coal and oil contracts.
Gas prices traded down on Tuesday thanks to an oversupplied system, as Norwegian flows ramped up. Far-curve prices ignored a rise in coal and oil as a healthy outlook in terms of fundamentals dictated the gas market.
Gas prices continued along a similar trend yesterday with the near-curve displaying losses and contracts further out climbing higher. Healthy LNG send-outs and a warmer weather outlook weighed on the front of the curve, while bullish oil offered support to longer-dated contracts.
Gas prices decreased on Friday with summer contracts in particular showing healthy losses. A warmer weather forecast will weigh on demand levels which helped contracts on the near-curve to decrease, while rising Brent limited downward movement further along the curve.