Gas prices displayed gains during Thursday’s session with support provided by rising oil, coal, power and carbon markets. The system was balanced throughout the session thanks to a drop in gas-fired demand which offset the impact of weak Norwegian supply.
Gas prices displayed mixed movement during yesterday’s session, initially opening at a discount before rebounding in the afternoon and ending the day almost unchanged. Bullish pressure was provided in the afternoon by upward movement on commodity markets.
Gas prices eased down on Tuesday with direction provided by weakening on overall energy markets, with coal, power and carbon all recording a loss, although oil prices displayed a rebound later in the session.
UK gas markets were closed yesterday due to the Bank Holiday and were little changed on Friday due to stable fundamentals. Oil prices corrected downwards which helped to weigh on the far-curve, while an expected drop in wind levels offered support to prompt prices.
Following a bullish start to the session, gas prices fell by the end of the day with the help of a stronger Pound and weakening commodity markets. Some resistance was provided at the front of the curve by Norwegian maintenance which will reduce supply.