Gas contracts moved higher yesterday as carbon markets increased strongly and annual maintenance in Norway is expected to reduce imports into the UK. Cooler temperatures and weak renewable generation is also forecast for next week, lifting demand.
Flows via the UK Interconnector and Langeled pipelines were expected to increase further today, helping to weigh on some near curve contracts yesterday afternoon. LNG send-outs also remain extremely comfortable due to a high number of deliveries this month.
Increases on oil markets dictated movement across the overall energy complex, with gas contracts displaying further gains. An expected drop in temperatures and weak wind generation also offered additional support to the spot.