Very little price movement on the wholesale market today

There was very little movement on gas prices on Friday amid high European storage and low LNG send-out.

Mixed moves were observed throughout the session with near-dated contracts posting small gains while contracts further along the curve saw small losses; however the majority traded within a narrow range, posting movement of less than 0.03p/kWh when compared to their previous close.

Plentiful continental storage potentially helped ease gas prices. According to data from Gas Infrastructure Europe, EU storage levels remain consistently high and currently stand at over four percentage points higher than the five-year average, likely reducing supply concerns.

However, a bleak outlook on the LNG front perhaps applied pressure to near-dated contracts. LNG send-out remains low, with the latest shipping signals indicating that only two laden vessels are expected to berth on British shores by the end of the month.

This morning gas prices have opened relatively in line with their previous closing prices at time of writing.

In terms of electricity demand, if we check the latest half hourly period at the time of writing (10:30 – 11:00), electricity demand is currently 43.00 GW’s in the UK.

In terms of the generation mix, gas is currently the biggest contributor at 14.57 GW’s (33.88%). Wind power is a close second generating 13.31 GW’s of the UK’s total electricity.

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