The system was oversupplied yesterday, with another drop in demand forecast for today’s session, helping the prompt to close at a discount. Meanwhile, the rest of the near curve was also pressured down by a milder weather forecast for next month.
An upward revision in temperature forecasts helped to pressure down prices at the front of the gas curve during Wednesday’s session, although prices further out were more resilient as commodities displayed only minor changes.
Tighter supply limited losses on the near gas curve yesterday, as imports into the UK remained low due to outages, while cold weather lifted demand to above the seasonal norm. Oil markets remained stable, while coal and carbon decreased.
Gas prices increased throughout Monday’s session as below average temperatures hit the UK, with cold weather expected to continue into the middle of February. Movement further along the curve was more subdued as fuel markets displayed little movement.
Expectations of cold weather and reduced imports into the UK helped to push gas prices higher throughout Friday’s session. Commodity markets were relatively stable, with oil markets waiting for fresh direction.