Gas prices were up & down during Wednesday’s session but ended the day at a discount with Brexit developments weighing on UK markets. Meanwhile, coal and oil markets offered little direction due to mixed changes.
A stronger Pound resulted in increased trading in the UK, leading to some losses across the near gas curve. Weaker coal and oil markets also weighed on prices further out, although a rise in carbon offered some resistance.
Gas prices eased down during Monday’s session, cancelling out gains recorded on Friday. Commodity markets moved down with the exception of coal which helped to weigh on prices across the curve, with a healthy supply outlook also a factor.
Advancements in terms of Brexit offered support to the UK gas curve on Friday, however, this also led to a rise in the Pound against the Euro, restricting some of the upward movement. Additional support was provided by a rise in coal and carbon.
11th October 2019 | Posted by: Lawrence Carson | Market Analysis
Spot prices managed to recover on Thursday as buying interests re-emerged despite weaker supply/demand fundamentals and milder weather expectations for Europe. The main driver, oil, and an attack on an Iranian oil tanker in the Gulf near Jeddah.