Gas prices come down as the wind blows

Day ahead gas prices came down on Friday amid plentiful LNG supply and high wind output.

The December-23 front-month contract posted the largest losses of the session, shedding almost 0.14p/kWh when compared to its previous settlement, with contracts further out following the same sentiment.

An influx of LNG supply likely acted as a prime source of pressure, the latest shipping signals indicate that six laden vessels are scheduled to arrive on British shores by the 24th of November. Furthermore, according to the Port of Milford Haven the Methane Patricia Camila is finally able to offload volumes at the Dragon No 1 terminal this morning, after being delayed due to storm Ciaran.

Additionally, high wind output likely added to the bearish sentiment. According to data from National Gas, wind-for-power generation increased by circa 10% day-on-day, subsequently curbing gas fired generation which fell by more than 21% when compared to the previous gas day.

This morning, gas prices are down, with the Summer-24 contract last trading circa 0.14p/kWh below its previous closing price.

If we check the latest half hourly period today (09:30 – 10.00), 26.23% (9.83 GW’s) of the total electricity (35.10 GW’s) being generated in the UK is coming from wind generation with gas at a close second at 25.79% (9.67 GW’s).

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