Prompt gas prices fell significantly on Friday The UK gas system was comfortably supplied and enjoyed a surplus of over 10MCM on average over the trading day on Friday. As temperatures rose closer to normal levels for this time of year, lower heating demand compensated for lower wind generation on the day. Storage withdrawals continued […]
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Prices were once again stable with the Brent contract finishing flat
On the prompt prices firmed The supply/demand balance on the UK gas system turned positive on Thursday and the system ran with a surplus of 19 MCM. Forecast demand for the day fell to 248MCM as temperature rose and an increase in wind generation displaced a significant tranche of gas-fired power generation. The supply side […]
Crude oil has fallen slightly overnight
UK gas system ran a supply deficit for most of the day yesterday The UK gas system ran a supply deficit for most of the day yesterday as wind generation levels fell off, increasing gas-fired power demand to 90MCM and overall demand to over 300MCM. Temperatures rose slightly across Ireland and the UK on Wednesday […]
Crude oil and carbon prices have eased a little overnight
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 […]
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 […]
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