Gas prices increased yesterday with support provided by a rise in Brent crude, with the larger gains displayed at the back of the curve. Supply levels were practically unchanged from the previous session and the system was close to balance.
Gas prices displayed little movement by the end of yesterday’s session after a mixed morning. Front-Month and Front-Quarter displayed small losses, while contracts further along the curve posted minor gains. Contracts continued to take direction from the overall European energy complex.
Gas prices decreased on Tuesday with a rise in Norwegian flows and a drop in exports contributing to an oversupplied system. Oil prices also stabilised, while coal and carbon markets eased down, applying bearish pressure to the far-curve.
Gas prices fluctuated across the curve during Monday’s session with strong losses displayed in the morning due to an oversupplied system, helped by healthy renewables. However, strengthening oil prices assisted gas contracts in their recovery in the afternoon.
Friday was the final day of trading for the 2017/18 gas year and saw prices decrease across the curve, with traders taking profits despite overall market sentiment appearing bullish. Norwegian flows remained weak, while coal, carbon and oil markets increased.