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.
Gas prices continued to trade sideways yesterday as commodities offered mixed sentiment, with oil trading lower and carbon, coal & power markets recording gains. The system was also tighter due to reduced imports, although an expected rise in renewable power today helped to weigh on the prompt.
Gas markets stabilised during Wednesday’s session despite a rebound in oil, equities and carbon. Norwegian imports were reduced further, while LNG send-outs were also lower compared to last week. However, revised forecasts point towards warmer weather which is expected to weigh on demand.