Gas prices moved down across the curve on Tuesday despite cold temperatures continuing to lift heating demand. Temperatures are expected to rise to around the seasonal norm towards the end of the week, limiting any impact on prices. Meanwhile, LNG supply remained strong and coal & oil markets decreased, adding to the bearish sentiment.
Gas prices increased yesterday afternoon despite a bearish opening, as colder than expected weather resulted in a rise in demand. Traders also bought back into their short positions ahead of the November expiry, offering further support to contracts.
Gas prices moved down across the curve on Friday with weaker commodity markets providing bearish pressure. Coal, power and carbon all decreased, while a healthy supply picture weighed on the front of the curve despite a colder and less windy forecast for the weekend.
Near-curve gas prices continued to move down on Thursday, while contracts on the far-curve were stable-to-bullish. The supply picture remained healthy, with an expected rise in wind levels today weighing on the prompt. Coal and carbon markets saw losses, while oil rebounded offering support to the back of the curve.
Gas prices moved down on Wednesday with bearish coal and oil markets dictating changes across the curve. Some seasonal contracts managed to hold their price somewhat but healthy supply levels helped to weigh on prompt prices.