Yesterday in summary
Yesterday, the UK gas and power markets were closed due to a Bank Holiday. Across the channel, the Dutch TTF market displayed limited price movement, as the front of the curve edged 2.34p per therm higher on average. European carbon markets struggled to rebound yesterday, following a sharp downward correction last week. The EUA Dec-23 contract closed at €85.68 a tonne, up €0.29 on the day. Price movement was also limited in global oil markets, with the front month closing at $84.42 a barrel.
This morning
UK near curve gas contracts have opened in positive territory, following the long weekend, while later dated contracts are yet to trade. This morning’s prevailing upward sentiment has taken direction from the announcement that Chevron workers at two Australian LNG facilities which account for 5% of global LNG supplies will go on strike for 11 hours per day from the 7th of September. The announcement has the potential to heighten the competition between Europe and Asia for sourcing LNG cargoes, given that Asia, particularly Japan, heavily relies on Australian LNG. The NBP front month is up 5.35 pence per therm while Winter 23 has moved 3.14p higher to last trade at 129.31p. Movement in the prompt market mirrors the curve, as the Within day and Day ahead are up 7.00p and 4.50p respectively and both trading at 93.00 pence per therm.
