Gas prices turned bullish yesterday afternoon, following a rebound on overall European energy markets and a rise in global commodities. LNG prices also increased as a major shale gas producer in the US filed for bankruptcy.
Gas prices traded higher yesterday morning which had a knock-on effect for power and carbon contracts. However, global markets moved down in the afternoon due to a strong rise in US crude stocks and concerns regarding new cases of the Coronavirus. As a result, gas prices ended the session almost unchanged.
Gas prices increased across the curve during Tuesday’s session, with the front of the curve pushed higher by a stronger demand outlook. Further out, contracts found support from a rise in coal, carbon, power and equities, with only the oil market trading lower.