Cold weather drove heating demand higher Cold weather drove heating demand higher but strong wind generation levels kept gas-fired power demand subdued. In fact, wind topped the generation stack on Tuesday. The UK gas system ran in surplus throughout the trading day as supply was bolstered by high levels of storage withdrawals. While storage would […]
Rebecca Cullen
OPEC announces a cautious approach to easing production restrictions
Gas futures market gained support from rising oil prices The gas futures market gained support from rising oil prices on the day as OPEC announced a cautious approach to easing production restrictions as major economies recover from Covid restrictions. The strengthening gas market movement of the previous 2 days seemed to be losing momentum on […]
Crude oil prices fell for a second consecutive day
Gas prices for the coming days rise again Forecast cooler weather for the beginning of April saw gas prices for the coming days rise again yesterday. The spot price eased marginally but day ahead was up by 1.80p as demand is expected to increase with wind generation falling further. The new front month contract for […]
Crude oil prices eased as backlog in Suez Canal started to clear
Prompt and near future gas prices settled higher Gas prices at the NBP rebounded after Mondays’ losses with both the prompt and near futures settling higher. Forecasts for cooler temperatures from the weekend gave support to the weekend and week ahead products which closed 2.00p higher while movement for the spot and day ahead contracts […]
Cargo traffic recommencement through Suez Canal eased European gas prices
April contract shed 1.39pm on its penultimate day of trading as front month The refloating of the giant container ship which had blocked the Suez Canal and the recommencement of cargo traffic through the canal saw some easing in European gas prices yesterday. The UK NBP April contract shed 1.39p on its penultimate day […]
Oil and LNG cargo ships held up in the Suez Canal causing bullish response in energy markets
Prompt and near futures gas prices gained over a penny per therm Reports of a partial freeing up of shipping movement in the Suez Canal on Thursday proved unfounded and the strategic shipping route remained blocked. With many oil and LNG cargoes amongst the huge volume of cargoes held up, energy markets responded bullishly again […]
The see saw nature of global crude oil markets evident again
Suez Canal blockage remains, causing markets to struggle with the implication The volatile nature of crude oil markets continued yesterday with oil contracts coming under pressure from the outset. In the last three session oil prices have been down, up, and down by more 5% on each occasion. Despite previous reports that progress had […]
UK gas prices gained on Wednesday as a large container vessel ran aground
Crude oil market spooked by grounding of container ship in Suez Canal Tuesday’s slump in crude oil prices was almost fully recovered on Wednesday as the markets were spooked by the grounding of a large container ship in the Suez Canal. With shipping, including oil and LNG tankers backed up on the southern end […]
LNG supplies topped up after cargoes unloaded with more deliveries expected before Easter
Prompt prices closed with modest losses on the day Tuesday saw a second sharp correction in crude oil prices within a week as Brent shed $3.83 a barrel to close at $60.79. A week ago, the global benchmark was $68.00 a barrel and has shed $7.60 since as concerns of oversupply increase while more European […]
Spot and near futures gas prices gained and seasonal contracts also rose strongly
An early supply surplus was eroded as the system was left marginally short at close of business As wind generation failed to pick-up as forecast, more gas-fired plant was called on yesterday and overall gas demand increased by 10MCM over the course of the day. An early supply surplus was eroded, and the system was […]
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