Gas prices recorded further losses on Monday as demand levels dropped despite cooler weather, with a milder weather outlook for later in the week helping towards the bearish sentiment. The broader energy complex also remained weak, further weighing on prices.
Gas prices capped off an overall bearish week with further losses on Friday following a global sell-off on equity markets which impacted commodities. Meanwhile, supply fundamentals also helped to weigh on the near curve, with an improved supply outlook forecast for this week.
Gas prices continued to ease down during Thursday’s session, helped by a weaker demand outlook and a lack of positive indicators on global markets. Coal, carbon and oil prices all traded lower and applied additional bearish pressure to the back of the curve.
Gas markets showed little movement in either direction yesterday, with only minor changes displayed at the front of the curve. A rise in demand offered some support to the prompt, while commodity markets were largely stable.
Gas prices moved slightly lower by the end of Tuesday’s session with little change in terms of fundamentals to influence the market. A stronger Pound helped towards some of the losses, although expectations of higher demand over the coming days offset some of the downward movement.