Gas prices eased down on Wednesday thanks to an oversupplied system and a milder weather outlook for the coming week. Additional bearish pressure was also provided by weaker power and carbon markets, but rising coal and oil offered resistance on the far-curve.
Near-curve gas prices increased during Tuesday’s session with support provided by a rise in power contracts, as colder and less windy weather was forecast for today. Further out, prices were influenced by stronger coal, carbon and oil markets.
Gas prices eased down across the curve on Monday with a milder weather outlook weighing on contracts at the front of the curve, helped by a long system. Meanwhile, a drop in coal and carbon offset the effects of rising Brent, resulting in losses further along the curve.
Gas prices were pushed higher by rising fuel markets on Friday, with coal, oil and carbon all gaining in value. Temperatures were also expected to turn colder later in the month which provided additional bullish pressure at the front of the curve.
Gas prices weakened yesterday with the back of the curve pressured down by falling coal and carbon markets. An upward revision in this month’s weather forecast helped to weigh on the near-curve, with a healthy LNG outlook and a long system also a factor.