Gas prices displayed mixed changes yesterday during a volatile session, with a stronger Pound providing some bearish pressure in the afternoon. Meanwhile, contracts on the far-curve found support from rising oil prices.
Gas prices climbed higher on Tuesday with bullish sentiment provided by a rise in oil and coal. A colder weather outlook also helped to support contracts at the front of the curve, while the system moved closer to balance.
Gas prices moved down yesterday following bearish coal, oil and power markets. An oversupplied system also helped to weigh on the front of the curve as demand levels fell and Norwegian flows were comfortable.
Traders moved to cover their positions on Friday to protect themselves from a bullish oil market over the weekend. As a result, gas prices moved higher despite an oversupplied system, as demand decreased and Norwegian flows improved.
Gas prices displayed little movement during Thursday’s session as the overall energy complex was relatively unchanged with the exception of coal. The system was long throughout the day due to healthy flows and slight drop in demand.