16th August 2019 | Posted by: Lawrence Carson | Market Analysis
Gas Power Market Close Market Close The broader energy markets sold down yesterday, with UK gas market feeling the effects of this. At the front of the curve, gas dropped sharply, pulling longer dated contracts down also. Falling prices for coal, gas and a drop in carbon prices meant power prices were dealt lower around Europe and the UK yesterday. Curve contracts all retreated whereas some…
Gas prices decreased during Wednesday’s session following a sell-off on coal, oil and power markets. Norwegian flows into the UK also ramped up due to the end of maintenance which resulted in a long system, while healthy wind levels were forecast for today which will reduce gas-fired power demand.
Gas prices increased across the curve during Tuesday’s session with direction coming from rising fuel markets, with coal, carbon and oil all recording gains. The overall energy complex found support from the US, which announced it would delay imposing tariffs on China.
Gas prices followed European markets and decreased yesterday despite a tighter supply picture. The system was short due to higher gas-fired power demand and a downturn in flows from the North Sea, limiting some of the losses on the near-curve.
Gas prices displayed little change on Friday, with weaker coal and carbon markets offset by a rise in oil. Wind levels were expected to ramp up over the weekend but were forecast to drop again at the start of this week which would increase gas-fired power demand.