Gas prices dropped off on Monday as fears of another lockdown impacted energy markets across Europe. Oil also recorded a loss, adding to the bearish pressure, while a weaker demand outlook helped the prompt close lower.
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.