Gas prices closed at a discount on Monday, with the prompt showing the strongest loss thanks to a mild weather forecast and comfortable wind generation which will reduce demand today. The system was also oversupplied and coal & oil markets moved down, adding to the bearish sentiment.
Near-curve gas prices moved higher towards the end of Friday’s session with support provided by stronger carbon contracts. Upward movement on the prompt was capped by a milder weather outlook for this week and an expected rise in LNG send-outs, while weaker oil limited gains at the back of the curve.
Gas prices increased yesterday with support provided by a rise in Brent crude, with the larger gains displayed at the back of the curve. Supply levels were practically unchanged from the previous session and the system was close to balance.
Gas prices displayed little movement by the end of yesterday’s session after a mixed morning. Front-Month and Front-Quarter displayed small losses, while contracts further along the curve posted minor gains. Contracts continued to take direction from the overall European energy complex.
Gas prices decreased on Tuesday with a rise in Norwegian flows and a drop in exports contributing to an oversupplied system. Oil prices also stabilised, while coal and carbon markets eased down, applying bearish pressure to the far-curve.