Relatively small moves on gas market today is a welcome respite

Day ahead gas prices posted relatively small moves on Tuesday, a welcome respite from the volatility seen over recent sessions.

The majority of curve contracts saw margin gains of no more than 0.05p/kWh when compared to their previous close, as steady supply fundamentals seemingly muted global tensions.

Norwegian flows remained strong at 46.8mcm/day however unplanned outages at the Dvalin and Visund fields combined to remove 11.1mcm/day across the gas-day (data from offshore operator Gassco).

Plentiful European storage stocks likely helped to underpin market confidence as we move further into the winter season. The latest data from Gas Infrastructure Europe shows that aggregate EU storage levels stand at around 98% full and all member states have now exceeded the bloc’s mandated target of 90% by November 1st.

In other news, the Finnish government held a press conference yesterday regarding the damage to its shared interconnector with Estonia. It was stated that its very likely an outside force was responsible for the leak that shutdown the pipeline just over a week ago, however officials declined to comment on who they believed to be responsible for the incident.

Although most contracts had opened relatively unchanged earlier this morning, most are now being offered in excess of 0.14p/kWh above their previous settlement at time of writing.

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If your electricity or gas contract is up for renewal in the next 6 months, we would encourage you to compare prices now as the market remains extremely volatile.

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