Gas prices moved higher on Monday with the larger increases displayed at the front of the curve. Fundamentals were little changed from last week, although wind levels improved, weighing on CCGT demand. Meanwhile, oil posted a small gain and the Pound weakened, providing bullish sentiment to the curve.
Gas prices were slightly bearish on Friday with little support provided by fuel markets. Improved renewable levels were expected over the weekend and the start of this week which will weigh on CCGT demand, helping the prompt move down.
Gas prices moved down across Europe as the overall energy complex was bearish. Warm temperatures are set to continue over the coming weeks which will keep residential demand low, while a slight increase in wind levels weighed on CCGT demand.
Gas prices were bullish at the start of Wednesday’s session but fell sharply in the afternoon and ended the day almost unchanged. Support was provided by the oil market but a balanced system and an expected drop in CCGT demand today helped prices at the front of the curve move down.
Gas prices were slightly bullish yesterday with marginal gains displayed on fuel markets and a slight drop in supply offering support to the curve. UKCS flows were restricted by industrial action taking place at gas fields, while CCGT demand remained high due to weak wind generation.