Gas prices increased on Friday, displaying an overall bullish trend throughout the week. In terms of commodities, oil markets provided support, coal stabilised, while carbon decreased. A cooler weather outlook and a low renewable power forecast helped to lift the front of the curve.
Oil was the only commodity to move higher yesterday, with gas following other markets and trading down. Oil found support from countries reaffirming their commitment to OPEC production cuts, while carbon failed to break the €30 barrier.
Gas prices traded higher during Wednesday’s session, with tighter supply contributing to gains on the near curve as imports to the UK decreased. Further out, prices were pushed higher by stronger oil and carbon.
Gas prices moved slightly higher on Tuesday, following upward movement across the broader energy complex. Carbon moved down following strong gains on Monday, while a healthier demand outlook weighed on the prompt.
Carbon credits increased by over €2 yesterday which helped to lift energy markets, including gas. Coal and oil markets were mostly flat but gas contracts followed their power counterparts, with a weak renewables outlook lifting the prompt.