Gas markets decreased during Thursday’s session due to bearish fundamentals. Stocks are nearing capacity earlier than normal this year, while warm weather is reducing demand. LNG deliveries to Europe are also less frequent due to the excess in supply.
A drop in oil pressured down energy markets yesterday, including gas. Recovering global equities did little to support commodities, with coal and carbon also moving lower. A rise in gas-fired power demand sent the system short but its impact was limited by a warm weather outlook.
Gas prices rebounded yesterday, catching up with global markets following the bank holiday on Monday. Stock markets and commodities all strengthened over the weekend as the easing of lockdowns has boosted economies.
Gas prices displayed strong losses yesterday, with the largest decreases displayed at the front of the curve. A weak demand forecast for the bank holiday and an expected drop in gas-fired power demand contributed to the bearish sentiment.