Gas prices ease as America starts shipping LNG

Gas prices eased on Wednesday amid unseasonably low demand and news of increased US LNG export capacity.

Sizeable losses of circa 0.09p/kWh were posted across the near-curve contracts. Subdued demand likely helped; data from National Gas shows that system demand totalled 214.8mcm across the gas-day, well below the seasonal norm of 264mcm.

Further pressure may have emerged from news that flows will be increased at the Freeport LNG terminal in Texas by 10% following the expected conclusion of planned maintenance in May, which could help to narrow the global supply/demand differential for the fuel and potentially increase deliveries into European terminals.

Gas prices have opened very much in line this morning, although many have yet to trade at time of writing.

The UK is currently consuming just 33.74 GW’s of electricity at the time of writing (09:30 – 10:00), still helped by the mild temperatures.

Wind has picked up today and is currently contributing 10.88 GW’s (30.60%) of the UK’s electricity generation this morning. Gas is currently being used to generate 9.85 GW’s (27.71%) of the total currently.

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