Capacity restrictions feed into markets and push prices higher

Gas prices edged higher on Monday as upstream capacity restrictions fed into bullish sentiment.

Small, incremental gains were posted primarily at the front-end, with the July 24 front-month contract advancing just short of 1p/therm (0.03p/kWh) above its previous close as Norwegian capacity restrictions tightened Britain’s supply and demand balance.

According to data from Gassco, unplanned maintenance at several assets including Hammerfest-Melkøya, Dvalin and Visund combined to remove 38.8mcm of export capacity across the gas-day, which in turn potentially dampened export flows into Great Britain.

In other news the European Union has sanctioned 27 vessels, most of which it believes to be serving as part of Russia’s ‘shadow fleet’ of oil and gas tankers, a collection of vessels working to undermine prior EU sanctions. Some of which have been found to be operating without an active transponder and transferring volumes over to ‘licenced’ vessels near to European ports in order to pass through unimpeded.

This morning, gas prices have so far continued their upward trajectory, with the Winter 24 front season contract currently being offered circa 1.5p/therm (0.05p/kWh) above its previous settlement, at time writing.

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