A higher demand forecast for this week helped towards gains on the near gas curve on Friday, although an expected rise in wind levels offered some resistance as gas-fired power demand has decreased as a result. Further out, prices were slightly bullish, despite a retracement in oil prices.
Temperatures are set to fall below the seasonal norm during December and the renewable power outlook is weak, resulting in gains on the prompt and the rest of the near curve. Longer dated contracts were supported by bullish coal and oil.
Gas prices strengthened across the curve yesterday, dictated by high demand for gas-fired power, a colder weather outlook and a recovering oil market. Coal and carbon markets also continued to strengthen, adding to the bullish sentiment.
Gas prices were largely bearish yesterday apart from the prompt which increased on the back of an expected drop in temperatures and renewable power. Any losses recorded towards the back of the curve were limited by bullish coal and oil.